Cyanobacteria and microalgae have been cultivated only for a limited number of bioactive compounds or biotechnological applications such as for carotenoids; essential omega-3 fatty acids; phycobilipigments; live cells, unprocessed or minimally processed complete biomass as aqua feed, animal feed and human health supplements as rich sources of proteins, carbohydrates, pigments, vitamins and minerals. However, cyanobacteria and microalgae have been reported through several research investigations as a potential source for various bioactive molecules with marketable nutraceutical and pharmaceutical properties. Therefore, more cultivation of cyanobacteria and microalgae species are waiting for new biotechnological applications. At present, the global demand for microalgal applications is focused on biofuels including biodiesel and bioethanol apart from a handful (mentioned above) of bioactive compounds which are mostly used as nutraceuticals. Thus, microalgal biorefinery is growing rapidly for multiple commodities production from both conventional and photobioreactor-based cultivation for biomass feedstocks for various biotechnological applications. This review presents the cultivation aspects of selected cyanobacteria and microalgae for commercial purposes.