Significant progress has been achieved in the use of biostimulants in sustainable agricultural practices. These new products can improve plant growth, nutrient uptake, crop yield and quality, stress adaptation and soil fertility, while reducing agriculture’s environmental footprint. Although it is an emerging market, the biostimulant sector is very promising, hence the increasing attention of the scientific community and agro-industry stakeholders in finding new sources of plant biostimulants. Recently, pro- and eucaryotic microalgae have gained prominence and can be exploited as biostimulants due to their ability to produce high-value-added metabolites. Several works revealed the potential of microalgae- and cyanobacteria-based biostimulants (MCBs) as plant growth promoters and stress alleviators, as well as encouraging results pointing out that their use can address current and future agricultural challenges. In contrast to macroalgae biostimulants, the targeted applications of MBs in agriculture are still in their earlier stages and their commercial implementation is constrained by the lack of research and cost of production. The purpose of this paper is to provide a comprehensive overview on the use of this promising new category of plant biostimulants in agriculture and to highlight the current knowledge on their application prospects. Based on the prevailing state of the art, we aimed to roadmap MCB formulations from microalgae and cyanobacteria strain selection, algal biomass production, extraction techniques and application type to product commercialization and farmer and consumer acceptance. Moreover, we provide examples of successful trials demonstrating the beneficial applications of microalgal biostimulants as well as point out bottlenecks and constraints regarding their successful commercialization and input in sustainable agricultural practices.