Consumer-led disruptions are compounding the challenges of global food systems, which address an unprecedented demand for increasingly innovative, healthy, and sustainable food ingredients and products. In this scenario, microalgae’s industrial relevance and biotechnological potential are increasingly evident since they are considered sustainable and renewable sources of numerous natural biocompounds of industrial interest, such as chlorophylls. As photosynthetic pigments, these compounds are omnipresent in microalgae and are crucial for their vital functions. Chlorophyll molecules from microalgae are emerging compounds constantly undergoing research and development to enhance their commercial viability as functional ingredients. They represent a group with diverse molecular structures, many exclusive to microalgae. They have remarkable biological properties and relevant technological characteristics, such as their application as color additives in the food industry. In addition to their properties as green pigments, the recently recognized nutraceutical and functional attributes of chlorophylls and their derivatives have increased the worldwide demand for these bioactive compounds due to their beneficial health-promoting properties, most of which are attributed to their potent antioxidant capacity. Given this, this chapter presents the potential of microalgae chlorophylls as functional ingredients with significant industrial applications. It covers their chemical and structural characteristics, along with advancements in extraction processes, stability, and bioavailability. The functional and health benefits of microalgal chlorophylls are broadly explored, alongside their increasing use across various industries. Additionally, the chapter addresses market trends and economic potential, highlighting the growing demand for these bioactive compounds in sectors such as food, pharmaceuticals, and cosmetics.