The use of seaweed-based bioproducts has been gaining momentum in crop production systems owing to their unique bioactive components and effects. They have phytostimulatory properties that result in increased plant growth and yield parameters in several important crop plants. They have phytoelicitor activity as their components evoke defense responses in plants that contribute to resistance to several pests, diseases, and abiotic stresses including drought, salinity, and cold. This is often linked to the upregulation of important defense-related genes and pathways in the plant system, priming the plant defenses against future attacks. They also evoke phytohormonal responses due to their specific components and interaction with plant growth regulation. Treatment by seaweed extracts and products also causes significant changes in the microbiome components of soil and plant in support of sustainable plant growth. Seaweed extracts contain a plethora of substances which are mostly organic, but trace levels of inorganic nutrient elements are also present. Fractionation of seaweed extracts into their components and their respective bioassays, however, has not yielded favorable growth effects. Only the whole seaweed extracts have been consistently proven to be very effective, which highlights the role of multiple components and their complex interactive effects on plant growth processes. Since seaweed extracts are highly organic, they are ideally suited for organic farming and environmentally sensitive crop production. They are also very compatible with other crop inputs, paving the way for an integrated management approach geared towards sustainability. The current review discusses the growth and functional effects evoked by seaweed extracts and their modes and mechanisms of action in crop plants which are responsible for elicitor and phytostimulatory activities. The review further analyses the potential value of seaweed extracts in integrated crop management systems towards sustainable crop production.