Marine microalgae are recognized as promising feedstocks for biofuels and chemicals owing to their higher growth rates than those of terrestrial crop plants. We aimed to summarize the production of biofuels and chemicals by marine microalgae and to discuss their advantages and potential from the aspect of bioprocess. The present circumstances of the microalgae industry were briefly described and large-scale industrial plants for microalgae production, where some marine microalgae are cultivated, were introduced. The advantages of marine microalgae in terms of water and land usage were also discussed. Finally, novel genome editing tools that could further exploit the potential of marine microalgae were reviewed. The present study provided comprehensive information regarding current biotechnology using marine microalgae.