The cocultivation of both microalgae and bacteria facilitates efficient nutrient recovery from wastewaters. The synergistic relationship between them offers promising approach for enhancing nitrification process with 60–80% ammonia removal from wastewater and less hydraulic retention time. This chapter explores the capabilities of microalgae-bacteria cocultivation in nutrient recovery from wastewaters. This also deals with different mechanisms that this system utilizes to remove nutrients and organic carbon from wastewaters. The chapter also highlights the circular economy approaches during wastewater treatment for the recovery of high-value bioproducts, i.e., biofuel, feed and food, biofertilizer, biochar, and pharmaceutical compounds from generated biomass. The chapter finally discusses the challenges and prospects of the whole integrated process.