Microalgae have the potential to become a novel source of bioactive molecules, especially for those who might wish to enhance the nutritional and functional quality of foods. Spirulina, one of the most popular microalgae, has been described by the World Health Organization as one of the greatest superfoods on earth serving as an example of the potential of microalgae. This review provides background on current and future uses of microalgae in the human diet, lists the most common species of microalgae used to this end, and describes some production methods used in research and industrial production and recovery. The review also discusses some of the difficulties so far encountered such as low productivities and recovery rates, as well as challenges in the production of compounds of interest. Many scientists and engineers in research centers around the globe are currently dedicated to solve these problems as the various capabilities of microalgae have caught the attention of the energy, environmental, and agricultural industries, we propose that the food industry should as well evaluate the potential of microalgae as a novel source of "health promoting" compounds.