Astaxanthin shows many biological activities. It has acquired a high economic potential and its current market is dominated by its synthetic form. However, due to the increase of the health and environmental concerns from consumers, natural forms are now preferred for human consumption. Haematococcus pluvialis is artificially cultured at an industrial scale to produce astaxanthin used as a dietary supplement. However, due to the high cost of its cultivation and its relatively low biomass and pigment productivities, the astaxanthin extracted from this microalga remains expensive and this has probably the consequence of slowing down its economic development in the lower added-value market such as food ingredient. In this review, we first aim to provide an overview of the chemical and biochemical properties of astaxanthin, as well as of its natural sources. We discuss its bioavailability, metabolism, and biological activities. We present a state-of-the-art of the biology and physiology of H. pluvialis, and highlight novel insights into the biotechnological processes which allow optimizing the biomass and astaxanthin productivities. We are trying to identify some lines of research that would improve the industrial sustainability and economic viability of this bio-production and to broaden the commercial potential of astaxanthin produced from H. pluvialis.