This article presents a perspective on the potential use of microalgae oils in the production of metal working fluids (MWFs) used for minimum quantity lubrication (MQL) operations. The generalities of MQL operations and requirements of MWFs, and current advances in the development of the most promising microalgae oils with high contents of saturated, monounsaturated, and polyunsaturated fatty acids were reviewed and discussed. The analysis of data, discussions, and conclusions of numerous studies published recently and combined with the experience of the multidisciplinary team of authors strongly suggest that microalgae oils do indeed have great potential as sustainable and eco-friendly base oils for producing semi-synthetic MWFs, soluble oils and straight cutting fluids for MQL operations. Additionally, gaps and challenges focused on the use of agro-industry wastewater in microalgae production, green harvesting and oil extraction methods, and replacement of toxic additives in MWFs by green nanoparticles and biopolymers were identified and highlighted for achieving massive microalgae oil-based MWFs production and truly green machining processes.