Nutraceuticals are food or component of food that do not only promote health but also help in recovering and combating health disorders. Algae are microorganisms that are used as supplements used in treating health disorders. They are rich in essential fatty acids, antioxidant pigments, and other micronutrients. These algae are gaining importance as functional components in the green synthesis of metal nanoparticles and applications in fabrics incorporated antimicrobial agents and pharmaceuticals. The present review focus on the distinctive algal components that are beneficial in biomedical applications. It also focuses on the research techniques to enrich the macronutrients and micronutrients by altering growth conditions and susceptible nutritional factors. A diagram model for a systematic review is utilized for this search. The research is conducted through the following databases: PubMed, Web of Science, Scopus, and Science Direct. Results: Here in this review, current reviewers put forward the importance of microalgae and other algae as alternative marine nutrient sources of dietary supplements for human consumption. In this context, extrinsic and intrinsic environmental parameter manipulative studies by eminent research groups to enhance the nutrient composition of these marine creatures are focused on in this study. Some cost-effective approach-based techniques for industrial output have also been manifested. The role of algae as bio-inspired material for the production of biosynthetic metal nanoparticles, water-soluble polymers, bioplastic, antimicrobials, antifouling agents has been incurred as research interests in the past decades. In spite of being so impressive as nutraceuticals and bio-inspired material compo-nents, research gaps still exist. The purpose of the manuscript is to cover such gaps and show a new paradigm of biomedical applications.