Recently, microalgae have been regarded as useful organisms worldwide due to their potential for extensive application in renewable energy, aquaculture, biofuel and pharmaceuticals. Different species of microalgae have drawn significant interest because of their biological and chemical composition, which could potentially be useful in developing new applications in the aquaculture, biofuel and pharmaceutical industries. Furthermore, various culture techniques have been developed based on the species and environmental condition to ensure its mass production. Although microalgae are feasible sources for a successful biological product, limitations and challenges remain, which need to be solved with the innovation of new alternative technology in culturing and producing successful mass cultures. In this review, several current microalgae species production methods will be discussed based on their applications, and biological and chemical compositions, which are influenced by their growth parameters.