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Algal biorefinery is rising as a prominent solution to economically fulfill the escalating global requirement for nutrition, feed, fuel, and medicines. In recent years, scientific productiveness associated with microalgae-based studies has elaborated in multiplied aspects, while translation to the commercial level continues to be missing. The present microalgal biorefinery has a challenge in long-term viability due to escalated market price of algal-mediated biofuels and bioproducts. Advancements are required in a few aspects like improvement in algae processing, energy investment, and cost analysis of microalgae biorefinery. Therefore, it is essential to recognize the modern work by understanding the knowledge gaps and hotspots driving business scale up. The microalgae biorefinery integrated with energy-based products, bioactive and green compounds, focusing on a circular bioeconomy, is urgently needed. A detailed investigation of techno-economic analysis (TEA) and life cycle assessment (LCA) is important to increase the market value of algal products. This review discusses the valorization of algal biomass for the value-added application that holds a sustainable approach and cost-competitive algal biorefinery. The current industries, policies, technology transfer trends, challenges, and future economic outlook are discussed. This study is an overview through scientometric investigation attempt to describe the research development contributing to this rising field. [ABSTRACT FROM AUTHOR]