Since the 1950s, microalgae have been grown commercially in man-made cultivation units and used for biomass production as a source of food and feed supplements, pharmaceuticals, cosmetics and lately biofuels, as well as a means for wastewater treatment and mitigation of atmospheric CO2 build-up. In this work, photosynthesis and growth affecting variables—light intensity, pH, CO2/O2 exchange, nutrient supply, culture turbulence, light/dark cell cycling, biomass density and culture depth (light path)—are reviewed as concerns in microalgae mass cultures. Various photosynthesis monitoring techniques were employed to study photosynthetic performance to optimize the growth of microalgae strains in outdoor cultivation units. The most operative and reliable techniques appeared to be fast-response ones based on chlorophyll fluorescence and oxygen production monitoring, which provide analogous results.