Microalgae and cyanobacteria biomass can be cultivated in large amounts, producing a variety of bioactive compounds. As a result, various industries have begun to study the potential of this biomass in a wide range of applications such as biofuel production, environmental remediation for contaminated soil and water, food supplements, and as a source of feed for aquaculture. The cultivation conditions have a profound impact on microalgae biochemical composition. Therefore, the culture conditions must be tailored to the specific application of the biomass. This entails careful control of factors such as light exposure, nutrient concentration, and the application of stress conditions. To further enhance the value of microalgae biomass beyond its nutritional analysis, this review aims to explore the potential of the biomass as biofactories for producing antioxidant enzymes and inhibitors targeting Alzheimer's and diabetes diseases. Both chronic diseases are a growing concern due to an aging population and an increase in obesity rates. Microalgae when exposed to stressful conditions enhance the activity of antioxidant enzymes. However, further studies in the isolation and storage of these enzymes need to be performed. From the literature reviewed microalgae exhibited great potential in inhibiting key enzymes involved in Alzheimer's and Diabetes. The inhibitory potential was observed both in vitro and at a cellular level making them a promising natural alternative to current medication used to inhibit these enzymes.