Microalgae and seaweed have been consumed as food for several decades to combat starvation and food shortages worldwide. The most famous edible microalgae species are Nostoc, Spirulina, and Aphanizomenon, in addition to seaweeds, which are used in traditional medicine and food, such as Nori, which is one of the most popular foods containing Pyropia alga as a major ingredient. Recently, many applications use algae-derived polysaccharides such as agar, alginate, carrageenan, cellulose, fucoidan, mannan, laminarin, ulvan, and xylan as gelling agents in food, pharmaceuticals, and cosmetics industries. Moreover, pigments (carotenoids particularly astaxanthins, chlorophylls, and phycobilins), minerals, vitamins, polyunsaturated fatty acids, peptides, proteins, polyphenols, and diterpenes compounds are accumulated under specific cultivation and stress conditions in the algal cells to be harvested and their biomass used as a feedstock for the relevant industries and applications. No less critical is the use of algae in bioremediation, thus contributing significantly to environmental sustainability.This review will explore and discuss the various applications of microalgae and seaweeds, emphasising their role in bioremediation, recent products with algal added-value compounds that are now on the market, and novel under-developing applications such as bioplastics and nanoparticle production. Nonetheless, special attention is also drawn towards the limitations of these applications and the technologies applied, and how they may be overcome.