A significant number of industrial enterprises, particularly in the energy sector, emit greenhouse gases, resulting in the formation of large quantities of carbon dioxide (CO2). Capturing CO2 contained in flue gases, particularly from thermal and combined heat and power plants, is possible for microalgae cultivation, as their biofixation efficiency is significantly higher than that of plants. Flue gases can serve as a source of CO2 and nutrients for microalgae cultivation. Thus, modern technologies make it possible to convert polluting flue emissions into valuable products. Moreover, microalgae can be used as a basis for creating a range of useful substances, including biodiesel. Vegetable and animal oils are the source of biodiesel today, but these feedstocks cannot fully replace traditional diesel fuel due to the large land resources required for growing oilseeds. Biodiesel is considered a renewable fuel because it can be produced by converting oils. Microalgae convert carbon dioxide and, in some countries, are the only source of biodiesel fuel with the potential to completely replace fossil fuels. This article reviews and analyzes global experience using microalgae to absorb CO2, with potential for using microalgae biomass to produce biodiesel. The undeniable potential of microalgae as a promising technology for significantly reducing greenhouse gas emissions from industrial flue gases is substantiated. Microalgal lipids represent a promising feedstock for biodiesel production in the transportation sector. However, successful implementation of this technology requires comprehensive evaluation of cultivation parameters, including flue gas composition, temperature regimes, and selection of appropriate microalgal strains. An economic assessment of biodiesel production from microalgae biomass is presented, demonstrating the feasibility of producing biodiesel from biomass cultivated on a large scale.