The extensive use of fossil fuels is increasingly recognized as unsustainable as a consequence of depletion of supplies and the contribution of these fuels to climate change by GHG (greenhouse gas) emissions into the atmosphere. Microalgae indicate alternative renewable sustainable energy sources as they have a high potential for producing large amounts of biomass which in turn can be used for production of different third-generation biofuels at large scale. Microalgae transform the solar energy into the carbon storage products, leads to lipid accumulation, including TAG (triacylglycerols), which then can be transformed into biodiesel, bioethanol and biomethanol. This paper reviews the selection, production and accumulation of target bioenergy carrier's strains and their advantages as well as the technological development for oil, biodiesel, ethanol, methanol, biogas production and GHG mitigation. The feedstock of promising algal strain exhibits the suitable biofuel production. The current progress of hybrid-technologies (biomass production, wastewater treatment, GHG mitigation) for production of prime-products as biofuels offer atmospheric pollution control such as the reduction of GHG (CO2 fixation) coupling wastewater treatment with microalgae growth. The selection of efficient strain, microbial metabolism, cultivation systems, biomass production are key parameters of viable technology for microalgae-based biodiesel-production. Display omitted •Microalgae are promising feedstock for biofuel production within lower farming area.•Production rate (L/ha) of oil from microalgae is much higher than other feedstock.•Lipid of Chlorella emersonii, Botryococcus braunii, Dunaliella tertiolecta, are high (>60% of dw biomass).•Remove pollutant from wastewater during feedstock production by selective strains.•Ecofriendly route to mitigate GHG (greenhouse gas) and water pollution during microalgae production.