Population and pollution make notable contributions to introducing novel sophisticated techniques. From vehicles to industries, the release of CO2 into the atmosphere and wastewater into the running water streams are key concerns. On the other hand, the population is responsible for the rapid manufacturing of all commercial goods. Microalgae are the only answer accessible for the aforementioned difficulties. Similar to plants, microalgae need CO2 and light to thrive and produce a variety of bioproducts such as carbohydrates, protein, lipids, vitamins, sterols, pigments, and silica. Physical (light, temperature, CO2, and UV), chemical (nutrient addition or depletion), enzymatic, and metabolic pathway reconfiguration, as well as indoor or outdoor growing, are highly regarded among the several optimization strategies to make desired products. Wastewater pollution is rectified by growing microalgae in nutrient-rich organic water for their growth, which is used to accelerate bioproducts. This review considers the use of bioproducts in food, animal and aquatic feed, fertilizer, biofuel, medicinal and nutraceutical sectors. This paper also provides different optimization strategies, which include physical and chemical means of extraction methods for enhancing bioactive products. Challenges and future recommendations for enhancing target bioproducts are discussed to overcome environmental issues.