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Critical metals, which mainly include the platinum group of metals, and the rare earth elements, have gained much importance because these elements are essential for economic development. A matter of concern is their availability, which is scarce, and so a constant supply is at risk. Bioleaching is one of the commonly used methods to extract these critical metals from various sources, such as industrial wastewater and mining water. In this study, we have discussed the mechanisms of bioleaching, the factors that affect bioleaching, and a correlation between the extraction of the critical metals using microalgae which has many positive aspects. The review also suggests the future prospects for the use of microalgae in the extraction of critical metals.