Microalgae are a group of microorganisms recognized for their extensive species diversity and wide metabolic richness, capable of bio-synthesizing a large variety of interesting bioactive metabolites for dermocosmetic formulations. They are a potential source of natural pigments, which are well accepted in sustainable cosmetics, considering that the synthetic ones are related to environmental and health concerns. Vegan, organic, and natural cosmetics are a clear market trend, generating an increasing demand for functional, innovative, and sustainable products. Bioactive microalgae molecules, such as astaxanthin, fucoxanthin, lutein, and chlorophylls, can fulfill this niche, combining ecological appeal with functional benefits, like antioxidant and anti-aging activities. The growing interest in cosmetics using microalgae makes the market promising, nevertheless, some challenges still need to be overcome, mainly in the cultivation and extraction processes, which are of substantial relevance to the pigment’s prices, impacting on the commercial feasibility of the final product.