Microalgae have been considered a promising and sustainable candidate for wastewater treatment and valuable bioproducts, such as feedstocks for food, nutrients, and energy. However, many challenging bottlenecks, such as low biomass productivity, expensive biomass harvesting techniques, and inefficient extraction of biofuels restrict its large-scale commercial production. Symbiotic relationships between microalgae and bacteria, also known as microalgal consortia, have proven to be effective solutions for mitigating technical and economic limitations. The natural and artificial symbiotic microalgal consortia combine microorganisms with various metabolic activities, which leads to valuable biomass production and the removal of nutrients, pharmaceuticals, and personal care products (PPCP) from wastewater. Many microalgal consortia have been applied for various wastewater treatments with reduced energy costs and higher efficiency in recovering valuable resources. In this study we review the present research status and prospects of microalgal consortia, emphasizing the associated mechanism of microalgae consortia cooperative symbiosis and its studies on diverse environmental and biotechnological applications.