Global industrialization, mainly relying on fossil-based energy carriers, has brought about many benefits including more efficient and sustainable transportation sector. However, the overexploitation of these resources has also led to various complications such as ecosystem deterioration, global warming, and climate change-related environmental and health issues. Recently microalgae biomass is considered as a sustainable feedstock for biofuel production, future developments of microalgae cultivation and harvest could make the commercial application of such fast-growing photosynthetic biomass economically and environmentally feasible. The present chapter highlights the advancements in the conversion of microalgae into bio-crude oil through various technologies. Recent progress in the field of biofuels using genetic engineering has also explored and the publications and patents outcomes are also analysed in detail for larger perspectives in commercial-scale production.