Algae are primitive photosynthetic organisms and primary producers in an ecosystem. Common algae like microalgae (eukaryotic) and cyanobacteria (prokaryotic) have been used for human and ecological welfare. Microalgae consisting high oil content yield biodiesel and bioethanol ensuring reduced greenhouse emissions and consist oxidative stress combating agents. They are great chemical blocker for UV radiation. Cyanobacteria, on the other hand, are used to make biofertilizers, bioplastics, and biohydrogen ensuring pollution control. Biofuels made by Cyanobacteria confirming zero carbon dioxide emission can promisingly overcome the energy crisis in future days. These are also used in food industries to meet nutrient requirements, e.g., Spirullina. They comprise of bioactive compounds that exhibit anticancer, antiviral, antibacterial and antiprotozoal properties. These compounds are being treated in labs for future use in clinical trials for human and shaping the future of ecosystem. In this chapter, we have discussed potential industrial applications of algae and algae-derived products.