Kappaphycus alvarezii is one of the important red seaweeds grown commercially in most tropical countries of the world and found a promising place in pharmaceutical, food, and agricultural industries. This macro algae produces a large quantity of polysaccharides, known as carrageenan with a unique gelling property to make this red seaweed most prominent in food Industries. A variety of other uses of this seaweed in pharmaceutical and agricultural industries are yet another reason, making this seaweed the most popular and ever-demanding one across the world. However, the decline in biomass production in most countries has become a serious concern owing to the susceptibility of this seaweed to bacterial diseases in addition to crop damage caused by aquatic animals. Influences of a number of abiotic stresses besides recent issues on climate change are a serious concern for the cultivation of this seaweed. A number of effort, focusing on understanding the genetic diversity of K. alvarezii, was reported over three decades. However, genetic improvement of Kappaphycus by organized research is very limited. This chapter details the current status of research on genetic diversity, genomics, and molecular breeding of Kappaphycus. Utilization of DNA markers using the genomic approach for molecular breeding of this red seaweed to address the problems associated with productivity and quality of biomass production of Kappaphycus is highlighted in addition to the importance of organized global initiatives on Kappaphycus genetic improvement program.