National industrial effluent remediation strategies are largely outdated, which makes these processes costly and at the same time inefficient. Among the most worrying compounds are heavy metals, which have bioaccumulative and toxic characteristics to living beings. In addition to these, high nutrient loads constitute a huge environmental problem, since the devastation promoted by eutrophic niches is capable of disrupting complex food chains. This paper presents a bibliographical review of the current researches that are applying biomass from microalgae in effluent bioremediation, both domestic and industrial (mainly the latter, since its pollution potential is abruptly greater). Such strategy is interesting since the diversity of these microorganisms is abundant, propitiating the application of them in various conditions. Another point to be taken into consideration is the fact that many species of microalgae produce large amounts of lipids, many of which have potential application in the production of biodiesel.