Carrageenans are valuable marine polysaccharides derived from specific species of red seaweed (Rhodophyta) widely used as thickening and stabilizing agents across various industries. Kappaphycus alvarezii, predominantly cultivated in tropical countries, is the primary source of kappa-carrageenan. Traditional industrial extraction methods involve alkaline treatment for up to three hours followed by heating, which is inefficient and generates substantial waste. Thus, developing improved extraction techniques would be helpful for enhancing efficiency and reducing environmental impacts, solvent costs, energy consumption, and the required processing time. In this study, we explored innovative extraction methods, such as ultrasound-assisted extraction (UAE) and supercritical water extraction (SFE), together with other extraction methods to produce kappa-carrageenan from a new strain of K. alvarezii from the Philippines. FTIR-ATR spectroscopy was employed to characterize the structure of the different carrageenan fractions. We also examined the physicochemical properties of isolated phycocolloids, including viscosity, and the content of fatty acids, proteins, and carbohydrates. For refined carrageenan (RC), both the traditional extraction method and the UAE method used 1 M NaOH. Additionally, UAE (8% KOH) was employed to produce semi-refined carrageenan (SRC). UAE (8% KOH) produced a high yield of carrageenan, in half the extraction time (extraction yield: 76.70 ± 1.44), and improved carrageenan viscosity (658.7 cP), making this technique highly promising for industrial scaling up. On the other hand, SFE also yielded a significant amount of carrageenan, but the resulting product had the lowest viscosity and an acidic pH, posing safety concerns as classified by the EFSA’s re-evaluation of carrageenan as a food additive.