The thraustochytrids are a group of marine protists known for their significant ecological roles as decomposers and parasites as well as for their potential biotechnological applications, yet their evolutionary and structural diversity remains poorly understood. Our review critically examines the phylogeny of this taxa, utilizing available up-to-date knowledge and their taxonomic classifications. Additionally, advanced imaging techniques, including electron microscopy, are employed to explore the ultrastructural characteristics of these organisms, revealing key features that contribute to their adaptive capabilities in varying marine environments. The integration of this knowledge with available omics data highlights the huge biotechnological potential of thraustochytrids, particularly in producing ω-3 fatty acids and other bioactive compounds. Our review underscores the importance of a systems biology approach in understanding thraustochytrids biology and highlights the urgent need for novel, accurate omics research to unlock their full biotechnological potential. Overall, this review aims to foster a deeper appreciation of thraustochytrids by synthesizing information on their evolution, ultrastructure, and practical applications, thereby providing a foundation for future studies in microbiology and biotechnology.