Development of renewable and clean energy as well as bio-based fine chemicals technologies are the keys to overcome the problems such as fossil depletion, global warming, and environment pollution. To date, cultivation of microalgae using wastewater is regarded as a promising approach for simultaneous nutrients bioremediation and biofuels production due to their high photosynthesis efficiency and environmental benefits. However, the efficiency of nutrients removal and biomass production strongly depends on wastewater properties and microalgae species. Moreover, the high production cost is still the largest limitation to the commercialization of microalgae biofuels. In this review paper, the state-of-the-art algae species employed in livestock farm wastes have been summarized. Further, microalgae cultivation systems and impact factors in livestock wastewater to microalgae growth have been thoroughly discussed. In addition, technologies reported for microalgal biomass harvesting and CO2 mass transfer enhancement in the coupling process were presented and discussed. Finally, this article discusses the potential benefits and challenges of coupling nutrient bioremediation, CO2 capture, and microalgal production. Possible engineering measures for cost-effective nutrients removal, carbon fixation, microalgal biofuels and bioproducts production are also proposed.