A very high oil percentage in algal biomass makes it suitable for use in various conversion processes to produce advanced biofuels. Because of its renewable and ecological qualities algal feedstock has emerged as a promising contender in the research to replace fossil fuels. From this perspective, algae are a particularly promising source of biomass since they can store a large amount of carbon from the atmosphere and industrial emissions. The entire potential for algal applications indicates that this feedstock is currently an underutilized resource and could have a significant positive impact on the global economy because algae are much more prevalent than terrestrial plants. Microalgae will be a strong choice for an alternative energy source for evolution in bioenergy that began with the first generation and continued through the fourth generation. In the current global problems and their negative consequences on the energy and fossil fuel supply chain, the processing of biomass resources, such as algae biomass, into value-added bioproducts and biofuels utilizing innovative technology is highly advantageous. In light of current global events, it is crucial to investigate and advance knowledge on concerns about the potential switch to biomass-oriented products, like products derived from algae. Algae-based biofuels have a lot of potential, but considerable work and obstacles still need to be overcome in this field.