The article reviews the current state of *Nannochloropsis* cultivation and utilization, highlighting its potential as a valuable model for biofuels and synthetic biology. *Nannochloropsis* is a genus of microalgae known for its rapid growth, high lipid content, and ability to thrive in diverse environmental conditions. The review covers the metabolic pathways governing lipid and carotenoid production, strategies to enhance oil and carotenoid yields, and the application of advanced genetic manipulation techniques. Key findings include the significant increase in lipid content and carotenoid accumulation under specific environmental conditions, such as light intensity and temperature. The article also discusses the use of *Nannochloropsis* in various applications, including biofuel production, food, and pharmaceuticals. Synthetic biology tools, such as CRISPR-Cas9 gene editing, are highlighted as crucial for optimizing *Nannochloropsis* for trait improvements. The review concludes by emphasizing the potential of *Nannochloropsis*-based biorefineries for sustainable production of biofuels and high-value chemicals, while acknowledging the challenges in scaling up production and ensuring genetic stability.The article reviews the current state of *Nannochloropsis* cultivation and utilization, highlighting its potential as a valuable model for biofuels and synthetic biology. *Nannochloropsis* is a genus of microalgae known for its rapid growth, high lipid content, and ability to thrive in diverse environmental conditions. The review covers the metabolic pathways governing lipid and carotenoid production, strategies to enhance oil and carotenoid yields, and the application of advanced genetic manipulation techniques. Key findings include the significant increase in lipid content and carotenoid accumulation under specific environmental conditions, such as light intensity and temperature. The article also discusses the use of *Nannochloropsis* in various applications, including biofuel production, food, and pharmaceuticals. Synthetic biology tools, such as CRISPR-Cas9 gene editing, are highlighted as crucial for optimizing *Nannochloropsis* for trait improvements. The review concludes by emphasizing the potential of *Nannochloropsis*-based biorefineries for sustainable production of biofuels and high-value chemicals, while acknowledging the challenges in scaling up production and ensuring genetic stability.