Due to increased socioeconomic awareness, algae-based biomass has attracted much interest as a sustainable substitute for petroleum fossil fuels. This transition underscores the necessity for multifaceted processes capable of producing multiple high-value products concurrently, addressing contemporary challenges in the bioeconomy. However, it is yet unclear if different processes for turning algal biomass into fuels and fine chemicals are viable from an energy and economic standpoint. Consequently, the algal biomass feedstock-based biorefinery emerges as an innovative endeavour in ecologically sustainable algae utilization for diverse biorefinery applications. This chapter extensively explores various products and applications derived from algal biomass, including pharmaceuticals, nutritional supplements, biochemicals, biofuels, and cosmetics. Such information will provide insights into the opportunities and challenges inherent in algal biomass-based biorefineries. It critically assesses the feasibility, cost-effectiveness, and long-term prospects of employing algal biomass as a pivotal component of the bio-based economy.