Microalgae are a valuable natural resource for a variety of value-added products. The growth of microalgae is determined by the impact of many factors, but, from the point of view of the implementation of autotrophic growth, light is of primary importance. This work presents an overview of the influence of light conditions on the growth of microalgae, the content of lipids, carotenoids, and the composition of fatty acids in their biomass, taking into account parameters such as the intensity, duration of lighting, and use of rays of different spectral composition. The optimal light intensity for the growth of microalgae lies in the following range: 26−400 µmol photons m−2 s−1. An increase in light intensity leads to an activation of lipid synthesis. For maximum lipid productivity, various microalgae species and strains need lighting of different intensities: from 60 to 700 µmol photons m−2 s−1. Strong light preferentially increases the triacylglyceride content. The intensity of lighting has a regulating effect on the synthesis of fatty acids, carotenoids, including β-carotene, lutein and astaxanthin. In intense lighting conditions, saturated fatty acids usually accumulate, as well as monounsaturated ones, and the number of polyunsaturated fatty acids decreases. Red as well as blue LED lighting improves the biomass productivity of microalgae of various taxonomic groups. Changing the duration of the photoperiod, the use of pulsed light can stimulate microalgae growth, the production of lipids, and carotenoids. The simultaneous use of light and other stresses contributes to a stronger effect on the productivity of algae.