Algae are classified as photosynthetic microorganisms found in both fresh and marine habitats. They have the ability to grow faster than conventional crops. Algae produce bioactive compounds such as lipids, fatty acids, pigments, carbohydrates, proteins, hydrocarbons, minerals, amino acids, etc. Microalgae are grown in photo-autotrophic, heterotrophic and mixotrophic conditions using raceway and photobioreactors for biomass production for industrial applications. A few algal species such as Spirulina, Chlorella sp., Haematococcus pluvialis and Dunaliella salina are extensively cultivated for commercial products, food, feed, nutraceutical, pharmaceutical, cosmetic and fuel applications. The market for algal products is increasing day-by-day in the market and will be expected to reach $44.78M by 2023. Currently, most of the consumers are looking for alternative molecules from the natural resources rather than synthetic ones. In view of this the current book chapter has discussed an overview of most important algal species for commercial purpose; global algal biomass producing companies; and their products for biofuel, food, feed, nutraceutical, pharmaceutical and cosmetic applications.