Cyanobacteria can be considered a promising source for the development of new biostimulants as they are known to produce a variety of biologically active molecules that can positively affect plant growth, nutrient use efficiency, qualitative traits of the final product, and increase plant tolerance to abiotic stresses. Moreover, the cultivation of cyanobacteria in controlled and confined systems, along with their metabolic plasticity, provides the possibility to improve and standardize composition and effects on plants of derived biostimulant extracts or hydrolysates, which is one of the most critical aspects in the production of commercial biostimulants. Faced with these opportunities, research on biostimulant properties of cyanobacteria has undergone a significant growth in recent years. However, research in this field is still scarce, especially as regards the number of investigated cyanobacterial species. Future research should focus on reducing the costs of cyanobacterial biomass production and plant treatment and on identifying the molecules that mediate the biostimulant effects in order to optimize their content and stability in the final product. Furthermore, the extension of agronomic trials to a wider number of plant species, different application doses, and environmental conditions would allow the development of tailored microbial biostimulants, thus facilitating the diffusion of these products among farmers.