Concerns about the economy, the environment, and production have sparked a search for long-acting immune-stimulants and growth promoters for aquatic species. Ulva spp. as green macro-algae is currently being studied as a potential alternative source for a variety of antibiotics and its wide range of availability and chemical composition creates both opportunities and challenges. Various studies have recently been undertaken on the utilization of Ulva spp. as a protein, lipids, carbohydrates, and vitamins source; besides, the existence of a wide range of bioactive compounds which can be used as antihypertensive, antioxidative, antitumor, antimicrobial, and anticoagulant components in functional foods or pharmaceuticals and nutraceuticals due to their health benefits and therapeutic potentials. Moreover, different researchers have used Ulva spp. in different forms, such as fresh, extract, and powder, to examine its effects on different aquatic organisms like fish, crustaceans, and molluscs. As a result, this review article aims to highlight the properties, impacts, and application methods of various Ulva spp.