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Chlorella and Spirulina are the two of the most well-known microalgae genus. Both microalgae genus have a significant content of proteins, vitamins, pigments, fatty acids, sterols, among others, which make their production/application by the food industry quite interesting. Chlorella genus is a eukaryotic microorganism, whereas Spirulina genus (cyanobacteria) is a prokaryotic microorganism. The aim of this review was to provide an overview on Chlorella and Spirulina microalgae, particularly as an alternative source of functional foods, nutraceuticals, and food supplements, in which the following compound groups were addressed: (I) Long-Chain Polyunsaturated Fatty Acids; (II) Phenolic Compounds; (III) Volatile Compounds; (IV) Sterols; (V) Proteins, Amino Acids, Peptides; (VI) Vitamins; (VII) Polysaccharides; (VIII) Pigments and (IX) Food. Chlorella and Spirulina microalgae and their derivatives are concluded not to be widely commercially exploited. However, they are remarkable sources of functional foods, nutraceuticals and food supplements.

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