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The efficient use of natural resources is essential for the planet’s sustainability and ensuring food security. Colombia’s large availability of water resources in combination with its climatic characteristics allows for the development of many microalgae species. The use of microalgae can potentially contribute to sustainable production in support of the agri-food sector. The nutritional composition (proteins, carbohydrates, fatty acids, vitamins, pigments, and antioxidants) of microalgae along with the ease of producing high biomass yields make them an excellent choice for human and animal nutrition and agriculture. Several species of microalgae have been studied seeking to develop food supplements for pigs, ruminants, poultry, fish, crustaceans, rabbits, and even bees. Important benefits to animal health, production, and improved bromatological and organoleptic characteristics of milk, meat, and eggs have been observed. Based on the functional properties of some microalgae species, foods and supplements have also been developed for human nutrition. Moreover, because microalgae contain essential nutrients, they can be utilized as biofertilizers by replacing chemical fertilizers, which are detrimental to the environment. In view of the above, the study of microalgae is a promising research area for the development of biotechnology and bioeconomy in Colombia.