Over the last several decades, concerns about climate change and pollution due to human activity has gained widespread attention. Microalgae have been proposed as a suitable biological platform to reduce carbon dioxide, a major greenhouse gas, while also creating commercial sources of high-value compounds such as medicines, cosmetics, food, feed, and biofuel. Industrialization of microalgae culture and valorization is still limited by significant challenges in scaling up the production processes due to economic constraints and productivity capacities. Therefore, a boost in resource usage efficiency is required. This enhancement not only lowers manufacturing costs but also enhancing the long-term viability of microalgae-based products. Using wastewater as a nutrient source is a great way to reduce manufacturing costs. Furthermore, water scarcity is one of the most important global challenges. In recent decades, industrialization, globalization, and population growth have all impacted freshwater resources. Moreover, high amounts of organic and inorganic toxins in the water due to the disposal of waste into rivers can have severe impacts on human and animal health. Microalgae cultures are a sustainable solution to tertiary and quaternary treatments since they have the ability to digest complex contaminants. This review presents biorefineries based on microalgae from all angles, including the potential for environmental pollution remediation as well as applications for bioenergy and value-added biomolecule production. An overview of current information about microalgae-based technology and a discussion of the associated hazards and opportunities for the bioeconomy are highlighted.