<p>Seaweeds, a vital source of marine ecosystems, are gaining popularity for their importance in ecological, economic, and industrial applications. These are profusely found in coastal areas due to the promising environmental factors. Various biochemical compounds, such as polysaccharides, proteins, lipids, and bioactive chemicals, are present in seaweed, which is useful in numerous industrial applications. Moreover, seaweeds are becoming a useful resource for addressing various environmental sustainability issues and food security, hydrocolloids to functional foods and nutraceuticals. Therefore, the cultivation and harvesting of seaweed using advanced and unique techniques are expanding globally for its efficient and sustainable production. In-depth understanding of the structural variation of seaweed, its taxonomy, and adaptation mechanisms is essential to evaluate its importance in the marine ecosystem. This review focused on botany, advanced farming techniques, and industrial prospects of seaweed, that especially emphasize the role of seaweed products in promoting a sustainable food industry. Further, this review also elaborates on various functional foods, bioactive compounds, and hydrocolloids derived from seaweed to improve food security and promote good health conditions. Besides this, insights into seaweed products for sustainable industrial application of seaweed are also emphasized in this review to address various issues related to global food systems, economic development, and environmental preservation.</p> Graphical Abstract <p></p>