Microalgae derived byproducts are growing prominence because of their attractive future, new properties, the present scenario of population requirements, and increasing costs for quickly dwindling fossil fuel supplies. Microalgae are continuously being researched for nutraceuticals, medications, and numerous other economically essential bioactives because of their complex metabolic properties. However, the inadequate production and efficacy of bio actives of relevance in native and robust the wild-type isolates are long-standing problems for commercial uses. Strain enhancement using genetic manipulation might be critical in overcoming such constraints. Although, modern genetically modified methods have arisen at a faster rate, they remain unexplored for microalgae in comparison with different microbes. Algae-based commodities are regarded as clean, renewable energy and food alternatives. They are currently not accessible because to hefty manufacturing expenses and limited productivity. Transcription activator-like effector nucleases (TALENs), Zinc Finger nucleases (ZFNs), RNA interference (RNAi), and Clustered Regularly Interspaced Short Palindromic Repeats-CRISPR associated protein 9 (CRISPR/Cas9) are some of the new techniques for genome editing that have been used recently to increase both the amount and the value of desired goods. Compared to random mutagenesis, genetic and metabolic methods yield faster and more reliable results, hence they are frequently employed. Omics techniques improve biorefinery capacities and are currently in the development phase for algae. Transgenic algae have a promising future due to enhanced biomass yields, carbon dioxide absorption rate, accumulation of valuable chemicals, decrease in cultivating and manufacturing expenses, and therefore achieving the aim in the worldwide algal marketplace and capital movement.