Algae are diverse aquatic organisms and are categorized as macro and microalgae based on their size. They are classified as red algae (Rhodophyta), brown algae (Phaeophyta), and green algae (Chlorophyta). The recent advances in algal biotechnology are much prospective ones that could extend the spectrum of utilization of algae into new areas. Algae are rich in diversity, producing structurally complex but bioactive compounds that are difficult to produce via synthetic routes. Both macro and microalgae are established natural sources for the commercial production of high-end products for consumption by various stakeholders and industries. The highvalue products include pigments, proteins, lipids, carbohydrates, vitamins, antioxidants, etc., with wide applications in nutraceuticals, pharmaceuticals, and cosmetics industries. In addition, algal biomass is potentate enough to be used as a feedstock for producing biofuel, biofertilizers, and other 26bio-based products. Exploiting microalgae to treat the wastewater is also one of the interesting disciplines attracting the researchers as this contributes to explore suitable methodologies to sustainably exploit the algal resources and keeping the environment safe. This chapter appraises the general distribution of algae and production of different high-end value-added products from algal sources and their prospective commercial applicability.