Sustainable management of natural resources is critical to food security. The shrimp feed and fishery sector is expanding rapidly, necessitating the development of alternative sustainable components. Several factors necessitate the exploration of a new source of environmentally friendly and nutrient-rich fish feed ingredients. Microalgal biomass has the potential to support the growth of fish and shrimp aquaculture for global food security in the bio-economy. Algal biorefineries must valorize the whole crop to develop a viable microalgae-based economy. Microalgae have the potential to replace fish meal and fish oil in aquaculture and ensure sustainability standards. Microalgae biomasses provide essential amino acids, valuable triglycerides such as lipids, vitamins, and pigments, making them suitable as nutritional supplements in livestock feed formulations. Fish and microalgae have similar nutritional profiles, and digestibility is a critical aspect of the aquafeed formulation. A highly digestible feed reduces production costs, feed waste, and the risk of eutrophication. Due to low input costs, low carbon footprint, wastewater treatment benefits, and carbon credits from industrial CO
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conversion, microalgae-based fish and shrimp feeds have the potential to provide significant economic benefits. However, several challenges must be addressed before microalgal biomass and bioproducts may be used as fish feeds, including heavy metal bioaccumulation, poor algal biomass digestion, and antinutrient effects. Knowledge of biochemical composition is limited and diverse, and information on nutritional value is scattered or contradictory. This review article presents alternative approaches that could be used in aquaculture to make microalgal biomass a viable alternative to fish meal.