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This chapter introduces the pharmaceutical applications of microalgae with respect to their potential properties. It overviews the previous and recent studies on antioxidant, antiinflammatory, antitumor, anticancer, antimicrobial, antiviral and antiallergic activities of microalgal bioactive molecules. It explains the potential mechanism underlying the effects of these molecules with the related pathways. By the end of the chapter the future prospects on the red biotechnology, including the developments in research and industry are explained. A full discussion of recent examples is included to raise the possibility of microalgal resources to become a promising compound in various types of industrial areas with the key concept of potential usage.