Microalgae cultivation is booming in agriculture, aquaculture, and bioenergy sectors. A wide range of bioactive compounds with attractive properties can be produced with microalgae, including pigments, vitamins, proteins, carbohydrates, and lipids. The biofuel yields from microalgae can exceed the yields obtained with energy crops by 10–100 times. Therefore, such cultivation is promising for the regulation of the biosynthesis of microalagae with phytohormones, which can enhance the production of high-valued bioproducts. This review reports the effect of auxins, abscisic acid, cytokinins, gibberellins, and ethylene on microalgal growth and metabolites, as well as the crosstalk of different phytohormones. The use of phytohormones is also promising because it can also reduce the inputs necessary to grow the selected microalgae and maximize the yields.