Microalgae (including cyanobacteria) are promising organisms for sustainable products for use as feedstocks for food, feed, fine chemicals, and biofuels. They can synthesize a broad range of products with medium‐ to high‐value market price such as β‐1,3‐glucan polysaccharide, single‐cell‐protein, carotenoids and phycobilin pigments, and long‐chain polyunsaturated fatty acids that are commercialized in the food industry as dietary supplements and functional foods, in the pharmaceutical and chemical industries as cosmaceuticals and flavorants, and in the therapeutic field as nutraceutical compounds. These microorganisms are also exceptional producers of omega‐3 and omega‐6 fatty acids such as eicosapentaenoic, docosahexaenoic, and arachidonic acids that have been linked to several human health benefits. The aim of this paper is to review the main existing high‐value products that can be derived from microalgae with a particular focus on food science and technology applications. It also describes the gross and fine chemical composition of various algal species and details the nutritive importance of selected constituents. Finally, nutritional quality standards and legislative provisions to ensure food safety in the use of algal biomass are presented.