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Environmental and energy security has now become a serious global problem, requiring a lot of research to find and implement its cost-effective and environmentally friendly alternatives. The development and use of renewable energy sources is necessary and important in order to avoid the emergence of a global economic crisis. One of the solution to prevent a future crisis caused by energy shortages is to introduce biofuels into the fuel market. Despite the fact that various forms of renewable energy are currently used, the prospects for the production of biofuels from cyanobacteria are quite high due to their unique properties, such as a high lipid content and a suitable fatty acid (FA) composition for the production of biofuels, their suitability for growing open water and the ability to grow on wastewater. The purpose of this article is to provide a comprehensive overview of the potential of cyanobacteria in the conversion of wastewater into biofuels. The article covers comparative data on the accumulation of lipids and the content of fatty acids in various representatives of cyanobacteria and their possibilities in the remediation of wastewater. Various approaches to the extraction of lipids from phototrophic microorganisms that are currently available, their advantages and disadvantages, and the results of the monitoring of the main key points of the development of the technology for converting cyanobacterial biomass into biofuels, with an emphasis on the existing barriers, effects and solutions, are also considered. Further research in this field is required for the successful implementation of this technology on an industrial scale. [ABSTRACT FROM AUTHOR]