Bioregenerative life support system (BLSS) plays a key role in the long-duration manned space mission. Microalgae-based BLSS was proposed decades ago but it had a variety of technical problems hindering its application in space mission. However, in recent years, a lot of effort has been devoted to this field and great progresses have been achieved in the research of microalgae-based BLSS. Therefore, the main aim of this work is to summarize the previous progress and find the challenges faced by microalgae-based BLSS technology. In this regard, this works introduces the concept of microalgae-based BLSS and presents its development paths in the past decades. Additionally, technology updates in the aspects of microalgae-based oxygen generation, value-added biomass production as food alternative, and wastes treatment by microalgae are summarized. Challenges faced by microalgae-based BLSS and potential solutions are discussed. This work provides a deep understanding of microalgae-based BLSS and that it would be beneficial for promoting implementation of this novel technology in manned space missions.