The exponential growth of the global population, coupled with issues of insufficient and imbalanced nutrition, as well as a surge in health‐related problems, has compelled individuals to seek innovative and alternative food sources while optimizing existing resources. Microalgae have been a staple source of livelihood and essential nourishment for people in various regions worldwide. Their rich content of proteins, essential amino acids, carbohydrates, lipids, vitamins, and minerals necessary for nutrition, has made them a fundamental source of sustenance. Spirulina platensis (S. platensis), a single‐celled, filamentous, prokaryotic microalgae, has long been recognized as a valuable natural food source, with historical usage dating back to ancient times. On the other hand, Phaeodactylum tricornutum (P. tricornutum), although a freshwater species, belongs to the Pennateae group of single‐celled eukaryotic diatoms and exhibits adaptability to marine environments. S. platensis and P. tricornutum have recently gained attention due to their abundant bioactive compounds, including carotenoids and phenolic acids. These bioactive compounds are known for their potential health benefits, including anticancer, antioxidant, anti‐inflammatory, neuroprotective, hepatoprotective, and hypocholesterolemic properties. This review examines the bioactive compounds produced by S. platensis and P. tricornutum, their impacts on human health, and their promising applications within the food industry.