The use of microalgae for the production of compounds of commercial relevance has received substantial interest in recent years, mostly because these organisms contain a plethora of valuable compounds and their high turnover rate and functional plasticity make them relatively easy to cultivate for the production of biomass and added-value molecules. The metabolic flexibility of algae allows using them for many commercial applications, but it also makes it easy for cultures to diverge from the intended biomass quality. A thorough comprehension of the principles that control growth and carbon allocation is therefore of paramount importance for effective production of algal biomass and derived chemicals. In this review, we intend to provide basic but exhaustive information on how algae grow and on their biotechnological potential. In addition to this primary goal, we also give the reader a succinct panorama of culturing systems and possible applications.