The world has been confronted with an energy crisis, depletion of fossil fuel and increasing concern of global climate change; therefore, there is a need to find an alternative biological solution which is green and free from pollution. Microalgae are highly diverse, single or multicellular, microscopic photosynthetic organisms and utilize sunlight and carbon dioxide for synthesis of food. Microalgal biomass has been considered to be an important and valuable resource due to appreciable growth rate and high levels of lipids, carbohydrates and other value-added products. Microalgae have been utilized for biofuel production such as biodiesel, bioethanol, biohydrogen and biomethane production over the years. Conservation of genetic resources is an important aspect for every nation. Various conservation techniques are available to conserve the microorganisms. This chapter is mainly focused on conservation of microalgae and application aspect of microalgae in the area of biofuel production.