<p>Recent developments in the research on cyanobacterial products have drawn increasing attention, especially in the production and application of phycocyanin, which has shown great potential in various fields. Cyanobacteria are photosynthetic prokaryotes that live on Earth and are the ancestors of plant chloroplasts. They have a compact genome size compared to other eukaryotic photosynthesizing microorganisms; some species are genetically engineered and have high growth potential in indoor culture, and some strainscan maintain high growth potential even in outdoor culture. Cyanobacteria are valuable because they can selectively and effectively produce and recover useful substances that are poorly produced by other microalgae, although this depends on the algal species. However, the social implementation of biorefineries using cyanobacteria involves issues such as setting up useful products in addition to the culture methods and strains to be used. This review aims to present research trends over the last 20 years on the production of useful substances such as biodegradable plastics, lipids, polysaccharides, and pigment proteins (phycocyanins) from cyanobacteria. Phycocyanin is mainly recovered and purified by filamentous cyanobacteria and has contributed to the research field, especially in the food and beverage industry. Additionally, the production and functions of phycocyanin are summarized to provide a better understanding of these possibilities. Their potential applications as environmentally friendly materials are also described to further contribute to the research field and social implementation.</p>