Microalgae are unicellular, photosynthethic organisms that can grow on diverse aquatic habitatss like ponds, lakes, rivers, oceans, wastewater and humid soils. Recently, microalgae are gaining importance as renewable sources of biologically active food compounds such as polysaccharides, proteins, essential fatty acids, biopigments such as chlorophylls, carotenoids, astaxanthin, as well as vitamins and minerals.The bioactive food compounds of microalgae enable them to be part of multitude of applications in numerous industrial products for healthy life and ecosystem. This review article summarizes the applications of biologically active food compounds derived from microalgae as nutraceuticals, healthy dietary supplements, pharmaceuticals and cosmetics. Further, this review article highlights the importance of research focus on the identification and extraction of bioactive food compounds from the huge numbers of microlage that exist in nature for sustainable global food security and economy.