•Production of untraditional high-value products from microalgae are reviewed.•Modification of biochemical pathways in microalgae for novel products are proposed.•Based on the current analysis, the market for microalgae-based valuables will increase. Microalgae have gained significant importance in biotechnology development, providing valuable goods and services in multiple applications. Although there is a rising market for most of these applications, the incorporation and introduction of microalgae into new venues will extend in the near future. These advances are due to the vast biodiversity of microalgal species, recent genetic engineering tools, and culture techniques. There are three main possible approaches for novel algal compounds from: (1) recently isolated yet less known microalgae; (2) selectively stressed conditions; and (3) enzymatically adjusted compounds from conventional molecules. All these approaches can be combined in a specific manner. This review discusses the opportunities, potential and limitations of introducing novel microalgae-based products, and how the recent technologies can be deployed to make these products financially viable. To give an outlook to the future, an analysis of the developments and predicted future market that further enlarge the promise of cultivating microalgae for commercial purposes are considered.