Macroalgae, so-called seaweeds, have recently attracted attention as a possible feedstock for biorefinery. Since macroalgae contain various carbohydrates (which are distinctively different from those of terrestrial biomasses), thorough assessments of macroalgae-based refinery are essential to determine whether applying terrestrial-based technologies to macroalgae or developing completely new technologies is feasible. This comprehensive review was performed to show the potentials of macroalgae as biorefinery feedstocks. Their basic background information was introduced: taxonomical classification, habitat environment, and carbon reserve capacity. Their global production status showed that macroalgae can be mass-cultivated with currently available farming technology. Their various carbohydrate compositions implied that new microorganisms are needed to effectively saccharify macroalgal biomass. Up-to-date macroalgae conversion technologies for biochemicals and biofuels showed that molecular bioengineering would contribute to the success of macroalgae-based biorefinery. It was concluded that more research is required for the utilization of macroalgae as a new promising biomass for low-carbon economy.