In recent years, microalgal feedstocks have gained immense potential for sustainable biofuel production. Thermochemical, biochemical conversions and transesterification processes are employed for biofuel production. Especially, the transesterification process of lipid molecules to fatty acid alkyl esters (FAAE) is being widely employed for biodiesel production. In the case of the extractive transesterification process, biodiesel is produced from the extracted microalgal oil. Whereas In-situ (reactive) transesterification allows the direct conversion of microalgae to biodiesel avoiding the sequential steps, which subsequently reduces the production cost. Though microalgae have the highest potential to be an alternate renewable feedstock, the minimization of biofuel production cost is still a challenge. The biorefinery approaches that rely on simple cascade processes involving cost-effective technologies are the need of an hour for sustainable bioenergy production using microalgae. At the same time, combining the biorefineries for both (i) high value-low volume (food and health supplements) and (ii) low value- high volume (waste remediation, bioenergy) from microalgae involves regulatory and technical problems. Waste-remediation and algal biorefinery were extensively reviewed in many previous reports. On the other hand, this review focuses on the cascade processes for efficient utilization of microalgae for integrated bioenergy production through the transesterification. Microalgal biomass remnants after the transesterification process, comprising carbohydrates as a major component (process flow A) or the carbohydrate fraction after bio-separation of pretreated microalgae (process flow B) can be utilized for bioethanol production. Therefore, this review concentrates on the cascade flow of integrated bioprocessing methods for biodiesel and bioethanol production through the transesterification and biochemical routes. The review also sheds light on the recent combinatorial approaches of transesterification of microalgae. The applicability of spent microalgal biomass residue for biogas and other applications to bring about zero-waste residue are discussed. Furthermore, techno-economic analysis (TEA), life cycle assessment (LCA) and challenges of microalgal biorefineries are discussed.