Microalgae are the unicellular or multicellular photosynthetic microorganisms that can efficiently fix carbon dioxide (CO₂) from various sources such as the environment, industrial flue gas, and some carbonate salts. In the present study, one green microalgal strain and a cyanobacterial consortium were used separately for the sequestration of CO₂ at different pHs (7–11), at different initial concentrations of CO₂ (5–20%), and at various inoculum sizes (5–12.5%). The maximum sequestration of CO₂ was found to be 74.37 ± 0.49% and 71.12 ± 0.05% at 5% and 15% CO₂ for green algae and cyanobacterial consortium. The biomass generated after sequestration of CO₂ was utilized for the synthesis of biomolecules.