Bioprospecting is the commercialization and discovery of new products from natural resources. Ocean dominates a diverse microorganism where algae play a significant role in photosynthesis. Algae is one of the microorganisms which has been used in various industrial, cosmeceuticals, pharmaceuticals, and industrial as well as the agricultural sector. Marine algae produce an array of secondary bioactive compounds that can be used for various purposes, making it an attractive target for bioprospecting, and an untapped resource. Algae have been a raw material for nutraceutical production and a promising feedstock material with significant biotechnological interest due to their enormous potential for the sustainable production of industrially valuable compounds such as lipids/fatty acids, and proteins, polysaccharides, biofuels, metabolites, and other energy-rich compounds. Nevertheless, these omics technologies play a vital role in the better understanding of the underlying mechanisms of specific metabolic pathways, potential genes, and targets that might be employed in algae for enhanced productivity.