Microalgae represent a very capable, eco-alert substitute source material for producing biofuels and highly worth bioproducts, which offers possible solutions to ecological challenges such as energy security and climate change. Though, the present bulky manufacturing is seldom restricted by financial viability, mainly due to expensive and power concentrated farming and processing steps. The combination of nanotechnology and microalgal biotechnology proposes an innovative advance to conquer those boundaries. This book chapter gathers the considerable prospective of incorporating various nanomaterials as nanocatalysts to improve the competence of microalgae farming and the subsequent algal-refinery processes. Moreover, functionalized nanoparticles can drastically develop cost-efficient biomass harvesting, cell disruption and the efficiency of it into biofuels. Whereas acknowledging the enormous profits, this book chapter also provides significant challenges as well as the budding eco-toxicity to make sure manufactured goods security and ecological sustainability. The aim is to present an all-inclusive overview of current improvements, fundamental methods and potential standpoints for a sustainable and cost-effectively feasible nanoboosted microalgal biorefinery.