Cyanobacteria are well-distributed, because of their ability to acclimate to various environments. Recently, cyanobacteria have received more research attention due to increasing pollution problems and global warming. They have many potential applications in the biotechnology sectors such as pharmaceuticals, bioplastics production, and cosmetics. Cyanobacteria produce many biologically active compounds that are utilized as anti-inflammatory, antiviral, antibacterial, and antifungal agents. The bioactive metabolites extracted from cyanobacteria include alkaloids, fatty acids, lipopeptides, and amides. In this minireview, the potential of some biotechnical applications are summarized to provide an account of the recent advancements in cyanobacteria research.