Microalgae are single-celled aquatic photosynthetic microorganisms with ubiquitous existence including both freshwater and marine habitats. They are considered the fastest-growing organism due to the shortest doubling time. Its mechanism and pathway for using atmospheric carbon dioxide to convert it into biomass are quite different from the other plants and flora. Microalgae biomass is an excellent source of biomolecules such as carbohydrates, proteins, and lipids. They have been considered a great potential in the fields of renewable and sustainable energy production including the biofuels industry. Microalgae are still under-utilized in industrial sectors and microalgae technology is still in the initial stage of commercialization due to the paucity of economic viability and comparatively low fuel prices. This study has deliberated a great potential for a higher return on investment for microalgae biofuels production via an efficient upstream and downstream approach. It will not support and promote sustainability only, but it will also promise an eco-friendly and healthy environment.