Wastewater is an abundant source of nutrients and energy. Under the circumstances of circular economy and carbon neutrality, resource recovery from wastewater has recently been motivated. The microalgal process is a promising alternative for resource recovery from wastewater, and it possesses potential for the cost reduction of wastewater treatment and fertilizer production, energy generation, and greenhouse gas emissions reduction. This paper reviews and discusses state-of-the-art microalgal process development, including microalgal species screening, configuration, biotic consortia construction, infection avoidance, nutrients balancing, operational parameter optimization, and biomass harvesting enhancement. Due to the lack of literature on practical applications, the microalgal process lacks economic and environmental feasibility assessments. Life cycle assessments from the perspective of circular economy and carbon neutrality on upscaled microalgal processes are required for various wastewater scenarios. To promote the upscaled application and successful implementation, efforts are also suggested to establish utilization guidelines, advanced recommendations, reliable standards, and proper safety evaluation criteria. This work could provide a reference and direct the follow-up research, development, and application of microalgae (MA)-based processes for resource recovery from wastewater.