Modern agriculture has become heavily dependent on chemical fertilizers, which have caused environmental pollution and the loss of soil fertility and sustainability. Microalgae and plant growth-promoting bacteria (PGPB) have been identified as alternatives to chemical fertilizers for improving soil fertility. This is because of their biofertilizing properties, through the production of bioactive compounds (e.g., phytohormones, amino acids, and carotenoids) and their ability to inhibit plant pathogens. Although treatment based on a single species of microalgae or bacteria is commonly used in agriculture, there is growing experimental evidence suggesting that a symbiotic relationship between microalgae and bacteria synergistically affects each other’s physiological and metabolomic processes. Moreover, the co-culture/combination treatment of microalgae and bacteria is considered a promising approach in biotechnology for wastewater treatment and efficient biomass production, based on the advantage of the resulting synergistic effects. However, much remains unexplored regarding the microalgal–bacterial interactions for agricultural applications. In this review, we summarize the effects of microalgae and PGPB as biofertilizing agents on vegetable cultivation. Furthermore, we present the potential of the microalgae–PGPB co-culture/combination system for the environmentally compatible production of vegetables with improved quality.