The importance of expanding our knowledge on microorganisms derived from extreme environments stems from the development of novel and sustainable technologies for our health, food, and environment. Microalgae and cyanobacteria represent a group of diverse microorganisms that inhabit a wide range of environments, are capable of oxygenic photosynthesis, and form a thick microbial mat even at extreme environments. Studies of thermophilic microorganisms have shown a considerable biotechnological potential due to their optimum growth and metabolisms at high temperatures (>= 50 degrees C), which is supported by their thermostable enzymes. Microalgal and cyanobacterial communities present in high-temperature ecosystems account for a large part of the total ecosystem biomass and productivity, and can be exploited to generate several value-added products of agricultural, pharmaceutical, nutraceutical, and industrial relevance. This review provides an overview on the current status of biotechnological applications of thermophilic microalgae and cyanobacteria, with an outlook on the challenges and future prospects.