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Macroalgae or seaweeds contribute a significant role in the marine ecosystem. Seaweeds generally have a high growth rate, CO2 sequester potential, and biomass composition and also do not demand freshwater, arable land, fertilizers for growth which makes them an attractive alternate bioresource for food, pharmaceuticals, nutraceuticals, cosmeceuticals, fertilizer, biochemicals, and biofuel applications. In many countries, seaweed has been used as food for decades, because of its health and nutritional benefits. Seaweeds contain several bioactive components like macronutrients, micronutrients, proteins, vitamins, sulfated polysaccharides, and antioxidants with proven nutraceutical and biological properties which are found useful against diseases such as type 2 diabetes, cancer, obesity, and other disorders. Additionally, these environmentally friendly natural products derived from macroalgae have also been recognized for immune-stimulating and anti-microbial properties. In recent years, food industries have begun to use seaweed components to 230prevent food contamination and thus ensure food safety. Seaweeds have been thoroughly investigated for nutraceutical applications and efforts are still ongoing to derive new products with a variety of health benefits or as a natural remedy for therapeutic application. This chapter provides detailed information on seaweeds and their potential applications, bioactive components of seaweeds with nutritional potentials, and future prospective.