Microalgae possess the ability to grow and glean nutrients from wastewater; such wastewater-grown biomass can be used as a biofertilizer for crops. The present investigation was undertaken to evaluate two formulations (formulation with unicellular microalgae (MC1) and formulation with filamentous microalgae (MC2); T4 and T5, respectively), prepared using wastewater-grown microalgal biomass, as a biofertilizer (after mixing with vermiculite/compost as a carrier) in wheat crop (Triticum aestivum L. HD2967) under controlled conditions. The highest values of available nitrogen (N), phosphorus (P), and potassium (K) in soil and nitrogen-fixing potential were recorded in treatment T5 (75 % N + full-dose PK + formulation with filamentous microalgae (MC2). Microbial biomass carbon was significantly enhanced by 31.8–67.0 % in both the inoculated treatments over control (recommended dose of fertilizers), with highest values in T4 (75 % N + full-dose PK + formulation with unicellular microalgae (MC1)). Both the microalgal formulations significantly increased the N, P, and K content of roots, shoots, and grains, and the highest total N content of 3.56 % in grains was observed in treatment T5. At harvest stage, the treatments inoculated with microalgal formulations (T4 and T5) recorded a 7.4–33 % increase in plant dry weight and up to 10 % in spike weight. The values of 1000-grain weight showed an enhancement of 5.6–8.4 %, compared with T1 (recommended doses of fertilizers). A positive correlation was observed between soil nutrient availability at mid crop stage and plant biometrical parameters at harvest stage. This study revealed the promise of such microalgal consortia as a biofertilizer for 25 % N savings and improved yields of wheat crop.