Microalgae are known to synthesize a diverse range of biochemicals. Pigments, carbohydrates, proteins, and antioxidants are some of the valuable metabolites produced by microalgae. Thus, they offer a compelling avenue for researchers to explore them as commercial producers of these biochemicals. The most predominant metabolites produced by microalgae are its pigments, which have gained attention due to their applications in food, medicine, pharmaceuticals, cosmetics, etc. Based on their role in photosynthesis, the pigments produced by microalgae are categorized as photosynthetic and non-photosynthetic pigments. Fucoxanthin, Beta-carotene, Phycocyanin, are some of the photosynthetic pigments while, Astaxanthin, Canthaxanthin and Echinenone are the non-photosynthetic pigments. The medicinal properties of these pigments such as antioxidants, neuroprotectants, anticancer agents have hence gathered attention from the pharmaceutical industry. Astaxanthin, a xanthophyll carotenoid possesses anti-proliferative and apoptotic properties, while Echinenone exhibits antioxidant and anti-inflammatory properties which mitigate chronic inflammation, thereby preventing cancer development. Beta-carotenes modulate the immune system by enhancing the activity of cytotoxic T-lymphocytes and natural killer cells. Phycocyanin, a photosynthetic pigment exerts anti-cancer activity by blocking the tumour cell cycle and inducing cell apoptosis and autophagy. Another photosynthetic pigment, Chlorophyllin, acts as a detoxifying agent by binding to the potent carcinogens and reducing their bioavailability. The chapter elaborates the different pigments synthesized by microalgae and their potential application in cancer prevention.