Microalgae are a promising sustainable source of food, feed, and energy, offering high growth rates, adaptability to non-arable land and non-potable water, and a wide range of bioproducts, including biofuels, nutraceuticals, and pharmaceuticals. They can capture carbon dioxide to produce these products, helping to reduce greenhouse gas emissions. However, challenges remain in cost-effective biomass production, which limits broader application. This review examines microalgae compared to other host platforms, highlighting current innovative approaches to overcome these barriers. Techniques include gene editing, synthetic promoters, mutagenesis, selective breeding, and metabolic engineering through transcription factors. These methods aim to enhance bioproducts production, improve photosynthetic efficiency, and increase biomass yield. Despite their potential, microalgae face challenges such as limited genome sequencing, high downstream processing costs, and the need for efficient screening methods. Current strategies involve bioprospecting to identify suitable strains, mutagenesis and breeding to enhance traits, adaptive laboratory evolution to improve stress tolerance, and genome sequencing and transformation methods to modify genetic makeup. Gene editing with CRISPR-Cas9 allows precise genetic modifications, while synthetic promoters enhance gene expression. Transcription factors play a crucial role in regulating metabolic pathways, improving lipid biosynthesis, and enhancing stress tolerance. These advancements are essential for making microalgae a viable, sustainable, and scalable solution for the future bioeconomy.Microalgae are a promising sustainable source of food, feed, and energy, offering high growth rates, adaptability to non-arable land and non-potable water, and a wide range of bioproducts, including biofuels, nutraceuticals, and pharmaceuticals. They can capture carbon dioxide to produce these products, helping to reduce greenhouse gas emissions. However, challenges remain in cost-effective biomass production, which limits broader application. This review examines microalgae compared to other host platforms, highlighting current innovative approaches to overcome these barriers. Techniques include gene editing, synthetic promoters, mutagenesis, selective breeding, and metabolic engineering through transcription factors. These methods aim to enhance bioproducts production, improve photosynthetic efficiency, and increase biomass yield. Despite their potential, microalgae face challenges such as limited genome sequencing, high downstream processing costs, and the need for efficient screening methods. Current strategies involve bioprospecting to identify suitable strains, mutagenesis and breeding to enhance traits, adaptive laboratory evolution to improve stress tolerance, and genome sequencing and transformation methods to modify genetic makeup. Gene editing with CRISPR-Cas9 allows precise genetic modifications, while synthetic promoters enhance gene expression. Transcription factors play a crucial role in regulating metabolic pathways, improving lipid biosynthesis, and enhancing stress tolerance. These advancements are essential for making microalgae a viable, sustainable, and scalable solution for the future bioeconomy.