Microalgae hold great potential due to their nutritional composition, especially their contents of omega-3 polyunsaturated fatty acids (omega-3 PUFA). Fish are the most common source of omega-3 PUFA as they accumulate these compounds originally produced by microalgae. However, fish are unsustainable to produce and unable to meet the demand of these health-beneficial lipid components. Microalgae can provide a direct source of omega-3 PUFA to meet the increasing demand due to the growing population and increasing prevalence of chronic diseases. Apart from omega-3 PUFA, microalgae can also serve as sources of protein and bioactive compounds such as carotenoids including astaxanthin, β-carotene and lutein as well as phycocyanin. Microalgae have been added to foods to develop functional foods that can provide health benefits by preventing or treating chronic diseases. Based on this, microalgal cultivation needs to be planned for increased supply to meet these challenges. With suitable growth conditions, a sustainable supply of microalgae can be developed for meeting future nutrient requirements for improved health outcomes.