Despite being more popular for biofuel, microalgae have gained a lot of attention as a source of biomolecules and biomass for feed purposes. Algae farming can be established using land as well as sea and strategies can be designed in order to gain the products of specific interest in the optimal way. A general overview of the contributions of Algae to meet the requirements of nutrients in animal/aquaculture feed is presented in this study. In addition to its applications in animal/aquaculture feed, algae can produce a number of biomolecules including astaxanthin, lutein, beta-carotene, chlorophyll, phycobiliprotein, Polyunsaturated Fatty Acids (PUFAs), beta-1,3-glucan, and pharmaceutical and nutraceutical compounds which have been reviewed with respect to their commercial importance and current status. The review is further extended to highlight the adequate utilization of value added products in the feeds for livestock, poultry and aquaculture (with emphasis in shrimp farming).