Microalgae culture has received increasing attention, given its prospects as a source of bioenergy and its potential for wastewater treatment. In this respect, simple and easily cultivated biomass have a number of applications, ranging from its direct use as fertilizer and as animal feed to sophisticated high value products, such as biodiesel and various pigments. The demand for these products is increasing due to their properties, which are economically and environmentally viable options. The complication of cultivation methods and the high cost of growth medium have become a major drawback for the algal industry; thus, the integration with wastewater treatment has provided a feasible solution because the exploitation of wastewater as the source of growth medium simultaneously eliminates the requirement for expensive medium and remediates the wastewater. This review article discusses the potential, benefits, strategies, and challenges for microalgae to be integrated with wastewater treatment, particularly palm oil mill effluent (POME) treatment in Malaysia due to the hazardous properties of POME, which may lead to severe pollution. The integration of POME treatment by microalgae culturing will potentially reduce the wastewater treatment retention time and eliminate toxic elements, which are nutrients for the microalgae. The exploration of new algae integration methods for the development and formation of valuable products is also discussed in this review.