Due to their versatility and the high biomass yield produced, cultivation of phototrophic organisms is an increasingly important field. In general, open ponds are chosen to do it because of economic reasons; however, this strategy has several drawbacks such as poor control of culture conditions and a considerable risk of contamination. On the other hand, photobioreactors are an attractive choice to perform cultivation of phototrophic organisms, many times in a large scale and an efficient way. Furthermore, photobioreactors are being increasingly used in bioprocesses to obtain valuable chemical products. In this review, we briefly describe different photobioreactor set‐ups, including some of the recent designs, and their characteristics. Additionally, we discuss the current challenges and advantages that each different type of photobioreactor presents, their applicability in biocatalysis and some modern modeling tools that can be applied to further enhance a certain process.