Green, red, brown, and diatomic algae, as well as cyanobacteria, have been in the focus of attention of scientists and technologists for over 5 decades. This is due to their importance as efficient and economical producers of food additives, cosmetics, pharmaceuticals, biofertilizers, biofuels, and wastewater bioremediation agents. Recently, the role of microalgae has increasingly been considered in terms of their probiotic function, i.e., of their ability to normalize the functioning of the microbiota of humans and agricultural animals and to produce biologically active substances, including hormones, neurotransmitters, and immunostimulators. A separate brief subsection of the review deals with the potential functions of microalgae with respect to the brain and psyche, i.e., as psychobiotics. Moreover, algal polysaccharides and some other compounds can be broken down to short fragments that will stimulate the development of useful intestinal microorganisms, i.e., function as efficient prebiotics. Finally, many components of microalgal cells and chemical agents produced by them can exert important health-promoting effects per se, which indicates that they are as potentially valuable metabiotics (the term preferred by late Prof. B.A. Shenderov), which are alternatively denoted as postbiotics in the literature.