This chapter discusses various methodologies for lipid extraction, including solvent extraction, enzymatic treatment, ultrasonic aided extraction, and supercritical carbon dioxide extraction, underscoring the need for further research and optimization for large-scale applications. The chapter further explores the potential symbiotic relationship between algal fuel production and waste treatment. This strategy effectively utilizes microalgae's natural ability to thrive in adverse conditions and sequester CO2 and other pollutants. This approach can simultaneously reduce the environmental footprint while generating valuable biomass for biodiesel production. Another noteworthy point the chapter brings forward is the ability of microalgae to produce valuable compounds under environmental stress, particularly UV radiation. The UV-absorbing compounds such as mycosporine-like amino acids (MAAs) and scytonemin, present substantial potential for use in the cosmetic and pharmaceutical sectors due to their potent UV absorption and photoprotective properties.