Microalgae are unicellular microorganisms inhabiting various ecosystems of the world, including marine and freshwater systems and extreme environments. Only a few species have been actively used as food. Microalgae are attracting attention as a means of biological CO2 reduction because they play an important role in absorbing atmospheric CO2 through their rapid growth by photosynthesis in water. Besides, microalgae are considered to be an eco-friendly energy source because they can rapidly produce biomass containing a large quantum of lipids that can be converted into biodiesel. Several microalgae, such as Chlorella spp., Spirulina spp. and Haematococcus spp. have already been commercialized as functional health supplements because they contain diverse nutrients including proteins, vitamins, minerals, and functional substances such as docosahexaenoic acid (DHA), β-glucan, phycocyanin, astaxanthin, etc. Moreover, they have the potential to be used as food materials that can address the protein-energy malnutrition (PEM) which may occur in the future due to population growth. They can be added to various foods in the form of powder or liquid extract for enhancing the quality characteristics of the foods. In this review, we analyzed several microalgae which can be used as food additives and summarized their characteristics and functions that suggest the possibility of a role for microalgae as future food.