Algal biomass is a prospective feedstock for the eco-sustainable production of many different products with added value, such as meals, feeds, and fuels. The remaining biomass from the algae can be used as raw material and can be transformed into useful secondary products after the important macromolecules have been removed. By optimizing algal biomass hydrolysate utilizing microbial fermentation, several studies demonstrated the generation of bioenergy (bioalcohol, biogas, and biohydrogen) and biochemicals (organic acids and biopolymers). Since the harvest and maintenance of sustainable algal cultivation incur considerable energy and economical prowess, developing products from algae remains a challenge to be countered in commercial applications. This is a typical bottleneck issue when processing algae for fuels or chemicals at the pilot scale. Implementation of integrated algae biorefinery methods can substantially reduce the cost of production and energy consumption. An algae-based green economy can be financially more viable and utilizable, especially for countries with weaker economies. This review’s goal is to examine the implementation of integrated biorefineries for the recovery of bioproducts generated from algae and potential applications. In this context, the life cycle analysis and business elements of a unified algal biorefinery are also addressed.