Microalgae are a promising source of raw material for biodiesel production. This review discusses the latest developments related to the application of microalgae biomass for biodiesel production. Characterization of fatty acid of microalgae and comparisons with other sources of raw materials and processes are presented. Furthermore, technological perspectives and approaches for growing microalgae in photobioreactors, microalgal oil extraction techniques, and procedures for synthesizing biodiesel are reviewed.