Microalgae including cyanobacteria have been recognized as an excellent source of fine chemicals, renewable fuels, vitamins, and proteins and usually are found in health food stores around the world. However, the accumulation of these compounds generally occurs at end of the exponential growth phase; furthermore, biomass density in cultivation commonly is low. Open cultures have been used for pigment, biofuels, and biomass production, but these types of culture system are not a good choice for the production of fine chemicals, due to contamination problems and the expensive production costs. Closed photobioreactors can be operated in a continuous cultivation providing an increase on biomass density and contamination-free condition and generally working at a maximum growth rate under specific conditions; besides, these systems can recycle the consumed culture medium at least three times before a new enriched medium is supplied, generating a more cost-effective production system. In addition, microalgae metabolism can be manipulated to provoke a specific secondary metabolite accumulation by the addition of organic carbon source or changing light intensity or both. In other words, photobioreactors can operate in continuous mode, with efficient light supply and the supplementation of organic carbon source to produce fine biochemicals such as anticancer, antibacterial, antioxidant, lectins, antiviral compounds, and biofuels.