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Microalgae is a promising metabolism microorganism for the fixation of CO2 from industrial gas while accumulating microalgae biomass. The process of CO2 fixation by microalgae is able to be significantly improved by the regulation of phytohormones. However, the complex metabolic mechanism of microalgae regulated by phytohormones and abiotic stress on CO2 fixation deserves to be explored. To systematically understand the existing status and establish a foundation for promoting the technology, this paper reviews investigations on the metabolic mechanism of microalgae regulated by phytohormones. The influences of nitrogen stress, light intensity stress, heavy metal stress, and salinity stress on CO2 fixation and lipid production are summarized. In addition, a comprehensive overview of the multistage regulation of phytohormones and abiotic stress on CO2 fixation and lipid production through microalgae is presented. The recent advances in CO2 transfer reinforcement and light transmission reinforcement in photobioreactors are discussed. This review provides an insight into the enhancement of CO2 fixation by microalgae regulated by phytohormones, abiotic stress, and mass transfer in multistage photobioreactors. [ABSTRACT FROM AUTHOR]