Algae, as a feedstock with minimum land footprint, is considered a promising biomass for sustainable fuels, chemicals, and materials. Unlike lignocellulosic biomass, algae consist mainly of lipids, carbohydrates, and proteins. This review focusses on the bio-oil and biochar co-products of algae-pyrolysis and presents the current state-of-the-art in the pyrolysis technologies and key applications of algal biochar. Algal biochar holds potential to be a cost-effective fertilizer, as it has high P, N and other nutrient contents. Beyond soil applications, algae-derived biochar has many other applications, such as wastewater-treatment, due to its porous structure and strong ion-exchange capacity. High specific capacitance and stability also make algal biochar a potential supercapacitor material. Furthermore, algal biochar can be great catalysts (or catalyst supports). This review sheds light on a wide range of algae-pyrolysis related topics, including advanced-pyrolysis techniques and the potential biochar applications in soil amendment, energy storage, catalysts, chemical industries, and wastewater-treatment plants.