Algal biotechnology, utilizing both microalgae and macroalgae, for producing a wide range of high-value compounds and commodities, from nutraceuticals and pigments to biofuels and ,biopolymers. Algal biotechnology encompasses the use of microalgae and macroalgae as biological systems presents a sustainable and diverse platform for the production of a broad range of “high-value products and biofuels”, leveraging their rapid growth, high biomass productivity, ability to  carbon dioxide fixation, and non-reliance on arable land, position them as a promising "next-generation" resource. Despite significant scientific advances, commercialization remains constrained by high production costs, techno-economic bottlenecks, and scalability challenges. This review integrates current state of algal biotechnology focusing on key products and processes with economic analyses. Highlights key products and processes, discusses cultivation and downstream processing technologies, and explores strategies for improving economic viability through integrated biorefinery approaches and critically analyzes the crucial interface between scientific advancements and economic realities. Key recommendations for future research and commercialization pathways are also presented. especially in cultivation, harvesting, and downstream processing that inflate production costs and hinder the competitiveness of low-value, high-volume products like biofuels.