Utilization of sustainable natural resources such as microalgae has been considered for the production of biofuels, aquaculture feed, high‐value bioactives such as omega‐3 fatty acids, carotenoids, etc. Eicosapentaenoic acid (EPA) is an omega‐3 fatty acid present in fish oil, which is of physiological importance to both humans and fish. Marine microalgae are sustainable sources of lipid rich in EPA, and different species have been explored for the production of EPA as a single product. There has been a rising interest in the concept of a multi‐product biorefinery, focusing on the maximum valorization of the algal biomass. Targeting one or more value‐added compounds in a biorefinery scenario can improve the commercial viability of low‐value products such as triglycerides for biofuel. This approach has been viewed by technologists and experts as a sustainable and economically feasible possibility for the large‐scale production of microalgae for its potential applications in biodiesel and jet fuel production, nutraceuticals, animal and aquaculture feeds, etc. In this review paper, we describe the recent developments in the production of high‐value EPA‐rich oil from microalgae, emphasizing the upstream and downstream bioprocess techniques, and the advantages of considering an EPA‐rich oil‐based biorefinery.

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