Microalgae biomass production provides a sustainable option for various industries, utilizing advanced cultivation methods to generate valuable compounds. Microalgae biomass is abundant in proteins, lipids, and pigments, making it suitable for diverse applications, including biofuels, animal feed, nutraceuticals, and cosmetics. Arthrospira (Spirulina), Chaetoceros, Chlorella, Dunaliella, and Isochrysis are a few of the main microalgal species used to produce commercial products. The potential of microalgae biomass production lies in its sustainability, scalability, and versatility. By growing microalgae in salt water or wastewater, freshwater demand can be decreased, and CO2 can be captured, thus minimising climate change. However, issues such as pollution control, harvesting, and dewatering must be overcome to fully utilise its potential. This review provides an overview of microalgae biomass production, cultivation techniques, and applications, highlighting opportunities and challenges. It talks about how research and development are going right now and stresses the need for more creativity to get over financial and technological obstacles. This review attempts to aid in the creation of sustainable solutions for a variety of industries, including biofuels and nutraceuticals, by investigating the possibilities of microalgae biomass production. With continued research and innovation, microalgae biomass production can play a significant role in shaping a more sustainable future.