•Potential of microalgae biorefinery for producing high value products is assessed.•Conventional processes of microalgae biorefinery are discussed.•Recent technologies on microalgae biorefinery are reviewed.•Techno-economic analysis and LCA assessment on microalgal biorefinery are addressed.•Advantages of microalgae biorefinery and derived high-value products are emphasized. Microalgae have received much interest as a biofuel feedstock in response to the uprising energy crisis, climate change and depletion of natural sources. Development of microalgal biofuels from microalgae does not satisfy the economic feasibility of overwhelming capital investments and operations. Hence, high-value co-products have been produced through the extraction of a fraction of algae to improve the economics of a microalgae biorefinery. Examples of these high-value products are pigments, proteins, lipids, carbohydrates, vitamins and anti-oxidants, with applications in cosmetics, nutritional and pharmaceuticals industries. To promote the sustainability of this process, an innovative microalgae biorefinery structure is implemented through the production of multiple products in the form of high value products and biofuel. This review presents the current challenges in the extraction of high value products from microalgae and its integration in the biorefinery. The economic potential assessment of microalgae biorefinery was evaluated to highlight the feasibility of the process.