Commercial paints are produced using components that can be harmful to the environment. In light of this, our study aimed to reduce these drawbacks by investigating water-based paints in which the latex resin (polyvinyl acetate [PVA]) was replaced with poly(3-hydroxybutyrate) (PHB) extracted from Spirulina sp. LEB 18. In addition, C-phycocyanin and phenolic compounds, both also extracted from this microalga, were added to the paints for coloration and antimicrobial properties, respectively. Characterization analyses indicate that paint with 9.2% PHB and 6.1% limonene performs better in the following aspects: density (1.47 g cm−3), solids (41.5%) and pigment contents (38.4%), hiding power (94.2%), abrasion resistance (123 cycles), adhesion (5–15% area removed), drying time (90 min), reflectance (90%), and emissivity (0.80). Moreover, the biocolorant C-phycocyanin, besides conferring color, also provides better coverage by the paints. At a concentration of 0.8%, the phenolic compounds are the most effective among the biocides tested. Overall, we found that it is possible to develop a product similar to commercial ones using natural substances extracted from microalgae, which have not yet been used in formulations of paint. Thus, this study contributes to a sustainable alternative for paint formulation.