<p>Recently, there has been increasing attention towards advanced approaches for remediating heavy metals in wastewater. The concept of bioremediation, involving the use of microalgae for heavy metal removal, has emerged as a sustainable, simple, and green solution. The present review provides knowledge on different microalgae strains employed for heavy metal removal and elucidates major mechanisms of action in the remediation processes. Different microalgal system types and environmental factors affecting microalgal heavy metal removal efficiency are examined. Recent advancements in the remediation of heavy metals using microalgae are highlighted. In addition, this work highlights the challenges of phycoremediation and the opportunities to overcome them to improve efficiency, economics, and long-term sustainability. Overall, this review provides valuable insights into the utilization of microalgae for heavy metal remediation, displaying their promising potential and highlighting the urgent need for further research and development to optimize and implement efficient systems.</p>