Microalgae are being recognized globally as the sustainable feedstock to replace the finite fossil fuels. However, the utilization of algae as the "fuelonly option" is questionable in view of their potential economic impacts, being incompetent with the current market-based fuels. Hence, it is critically essential to comprehend the underlying biochemical principles to integrate the water-food-energy-environment nexus that microalgae inhabit. The present chapter outlines the emerging concept of microalgal biorefinery with an insight on tackling the technological and economic issues pertinent to the algal biofuel sector. The sequential and integrated framework for processing the algal biomass into several energy-based and value-added products has been delineated to aid in the financial sustainability of the production unit. The idea of synergistic integration of the industrial sectors with the algal biorefinery to efficiently utilize the multitude of resources toward sustainable 174biofuel production has also been discussed in detail. The resulting industrial symbiosis could offer the tangible benefits of waste-resource utilization for energy generation, with intangible advantages like the reduction of pollutant load and net-zero carbon emissions. Further, this would generate employment options for the rural population in addition to the availability of cheaper food/feed supplements and organic fertilizers. Adoption of innovative technologies for creating novel products and capabilities, with minimized environmental impacts, could ensure the realization of algal technology as a bio-based industry from the view of sustainable development.