High-rate algal ponds (HRAPs) are a highly promoted wastewater treatment system that uses sunlight as an energy source to provide the oxygen needed in the system through photosynthesis and has a high nutrient and organic matter removal capacity. In addition, the microalgae in the system can use wastewater as a growth substrate to produce valuable bioproducts, biomaterials, and bioenergy, so it is receiving more and more attention. This review uses bibliometric analysis to explore current research hotspots and future research trends in this emerging technology. By analyzing research papers related to HRAPs published in the Web of Science (WOS) from 1987 to 2021 based on the co-occurrence and clustering of keywords, it shows that the research hotspots of HRAPs are mainly focused on wastewater treatment, nutrient removal, microalgal biomass, biofuel, and biogas upgrading. In the future, in-depth research will continue to be added on the contribution of HRAPs to environmental sustainability, including E. coli removal, biogas upgrading and oxygen removal, treatment of aquaculture wastewater, purple phototrophic bacteria, aqueous biorefineries, and biorefineries. The results assist scholars in systematically understanding the current research status, research frontiers, and future trends of HRAPs from a macro perspective.