Microalgae are valuable sources of human nutritional products, leading to growing interest in algae-based dietary supplements. Research is still ongoing for high-value commodities from microalgae to cover the food demands of the ever-increasing human population. Thus far, there is a dearth of comprehensive information available on the safety of microalgae-based products (MP) for the food sector. Algal food safety (AFS) is a nascent field, and consequently, quality analysis has not been adequately explored; the lack of hygienic requisites is a matter of concern for scientists, producers, policymakers, and consumers. In this review, we aim to provide the available knowledge on the potential hazards, critical insights into the necessity of AFS, as well as quality control (QC) and regulations. This paper briefly reviews bottlenecks at each step of the production process, from the pre-cultivation to the storage stage. Plus, quality assessment criteria are discussed, including toxicological and microbiological standards. Additionally, it describes the role of all stakeholders in the algal food industry. Finally, we discuss a few suggested solutions to address the gaps in AFS.