Algae are of great importance, both biologically and economically. Their economic importance is related to the wide range of microalgae applications all over the world, from the food industry to feed, medicine, biofuels, cosmetics, and agriculture. Nutraceuticals, phytochemicals, food supplements, botanicals, are among the many terms used to market and commercialize health food products. Some of the algal products have been termed as super foods as well. Microalgal sterols have several potential nutraceutical and pharmaceutical applications. The sterol composition in Chlorella sps. were detailed by Volkman. Utility of edible algal forms as a source of proteins, vitamins, and minerals has now expanded to the utilities of nutraceutical value. Some of the forms are considered as superfoods. Among the commercial algal species, Spirulina has gained commercial popularity because of its ease of cultivation in raceway and photobioreactors coupled with a wide range of nutritional and health applications.