The depletion of fossil fuel reserves, concerns over global warming and the high demand for natural functional foods and products have valorized microalgae as an alternative renewable feedstock. Over the past few decades, extensive research has focussed on microalgae, driven by their increasing applications and future potential. Thus, this review reports on one of the most significant pioneer microalgae, Chlorella vulgaris Beyerinck. The value of and prospects for this microalga for various applications are presented in relation to its biochemical components. Since metabolic changes occur when microalgae are cultivated under different environmental conditions, an overview of the effects of some environmental parameters on C. vulgaris is presented with respect to biomass production enhancement along with the accumulation of molecules of interest while maintaining feasible production costs.