Climate change and the increase in population growth at the global level are putting tremendous strain on current agricultural and food production methods. The need to feed almost eight billion people with as little negative environmental impact as possible has spurred the need for the development of new, more sustainable food sources. Both the macro- and microalgae have been farmed for sustenance for thousands of years. Algae have developed into an extremely effective resource and have proven themselves to be a reliable and sustainable source of nutrient-rich biomass, which has the potential to solve many of the present problems with food production. Algae contain highly digestible proteins, lipids, and carbohydrates and are rich in vital fatty acids, vitamins, and minerals, therefore they possess the desirable properties of an ecological food source. Even if algae have not been fully domesticated for use as food, many breeding and cultivation techniques can be improved upon to enable higher productivity and improve nutritional and organoleptic properties that will be necessary to bring algae to the mainstream. This chapter is a compilation of work and reports on potential applications of algae in food product developments; as functional food/nutraceutical ingredients and versatile ingredients in modern foods, etc.