The repertoire of novel biobased materials is continually expanding as they represent green alternatives to carbon-intensive fossil materials. Lipid-extracted algae (LEA) biomass is a promising feedstock for the production of a spectrum of biobased materials, such as hydrochar and biochar, electrodes in microbial fuel cells (MFCs), supercapacitors, biocomposites, biopolymers, activated carbon including N-doping, and biosorbents. By selecting appropriate process conditions, these renewable products can be designed to possess desirable properties and, at the same time, be more sustainable. Most importantly, we view LEA as a potentially significant additional source of revenue for algae biorefineries that can accelerate the commercial development of algae. The present study assesses the utilization of LEA for the production of biobased materials, their applications and sustainability profile, and future trends.