Microalgae are highly valuable across various industries due to their rich nutritional content and positive environmental impact. In the fast-growing field of aquaculture aimed at meeting global food needs, integrating microalgae technology can be highly beneficial. This literature review explores the diverse roles of microalgae in enhancing aquaculture, focusing on their nutritional benefits, water quality management, larviculture, Integrated Multi-Trophic Aquaculture (IMTA) systems, and bioremediation. Microalgae are excellent natural nutrient sources, offering high protein content, omega-3 fatty acids, vitamins, minerals, and antioxidants, vital for aquatic organism growth and health. Their contributions to water quality maintenance, larval stage nutrition, and waste nutrient uptake are critical. Additionally, microalgae play a pivotal role in IMTA by acting as primary producers and minimizing environmental impact. The review emphasizes challenges like economic constraints and strain optimization, underscoring the need for further research to fully leverage microalgae's potential in aquaculture, promising advancements to revolutionize the industry and enhance global food security.