There is an increasing demand for greener biofuel sources. As production from food crops and agricultural waste is limited, biofuel from macroalgae is presented as a promising alternative due to its high biomass and high lipid content. The biodiesel from algae has a value chain that comprises algae and site selection, cultivation, harvesting, drying, oil extraction, and biofuel production. Intensive research is aiming to improve each stage to increase productivity, reduce cost, reduce environmental impacts, and increase the quality of the final product. Some of the advances include the integration of geographic information systems to select strategic locations for biodiesel production, the effort to discover or improve genetically microalgae strains, the introduction of more economical technologies for harvesting, and the introduction variety of technologies for oil extraction that limit the use of solvents and enhance lipid yields. Additionally, integration of algae cultivation with flue gas from power plants is presented as a promising choice to use algae cultures to reduce CO2 emissions while increasing biomass and lipid production.