Wastewater (WW) treatment using microalgae has become a growing trend due the economic and environmental benefits of the process. As microalgae need CO2, nitrogen, and phosphorus to grow, they remove these potential pollutants from wastewaters, making them able to replace energetically expensive treatment steps in conventional WW treatment. Unlike traditional sludge, biomass can be used to produce biofuels, biofertilizers, high value chemicals, and even next-generation growth media for “organically” grown microalgal biomass targeting zero-waste policies and contributing to a more sustainable circular bioeconomy. The main challenge in this technology is the techno-economic feasibility of the system. Alternatives such as the isolation of novel strains, the use of native consortia, and the design of new bioreactors have been studied to overcome this and aid the scale-up of microalgal systems. This review focuses on the treatment of urban, industrial, and agricultural wastewaters by microalgae and their ability to not only remove, but also promote the reuse, of those pollutants. Opportunities and future prospects are discussed, including the upgrading of the produced biomass into valuable compounds, mainly biofuels.