Coral-associated microorganisms harbour an impressive and diverse secondary metabolite biosynthesis capacity with novel bioactive compounds being reported every year. The need of the coral holobiont to combat predation, overgrowth, and fouling presumably led to the ability of coral-associated microbes to produce different classes of compounds with a broad spectrum of activities. Although the precise ecological functions of most compounds from coral-associated microbes remain unknown or unproven, the biotechnological applications and prospective benefits of their exploitation are at hand. Bioactivities of pharmaceutical and industrial interest of coral symbiont-derived compounds include antitumoral, antibacterial, antifungal, antifouling, anti-inflammatory, and antidiabetic properties among many others, indicating vast potential for blue biotechnology and blue pharma. Moreover, coral-derived microorganisms often produce enzymes which can be employed in bioindustrial processes or for bioremediation purposes, for instance, in oil spills. This chapter reviews new natural products from coral symbionts reported between the years 2018 and 2022, highlighting the versatility and economic potential of this unique chemical reservoir. More than 385 novel compounds were described from coral-associated microbes in the past 5 years, 75% of them from octocoral (Octocorallia) symbionts. Over 87% of the compounds derive from coral-associated fungi of the Ascomycota phylum while only about 12% come from bacterial associates in the phyla Actinomycetota, Pseudomonadota, Bacillota and Cyanobacteria. Terpenes, alkaloids, peptides, and polyketides are the most prominent compound classes, many of which show anticancer, antibacterial, antifungal and antidiabetic activities. Despite the wide compound range described in coral-associated microorganisms, this chapter unveils that most of the lately applied research efforts target only certain microbial groups, such as actinomycetes and fungi, or specific geographical locations (e.g., South China Sea) and coral species. It reveals corals as a warehouses of microbes with bioactive potential similar to what is known from marine sponges. This largely untapped reservoir of novel natural products from coral-associated microbes is yet to be unlocked in future biodiscovery programs. We thus call on the scientific community to expand the scope of their coming research, directing it towards less explored groups such as cold-water corals and non-actinomycete bacterial symbionts. We also suggest a stronger integration of metagenomics libraries, synthetic biology, and heterologous expression approaches to access the chemical space of unculturable coral symbionts, as well as, the inclusion of new cultivation strategies, such as the iChip, for a more comprehensive, polyphasic approach.