Climate change events significantly impact the food production chain by damaging crops in their most fragile phenological states. Furthermore, increasing human population and excess food waste present agricultural systems with the challenge of closing the yield gap and securing food demands in the future as well as protect the soil health and biodiversity. Biostimulants are a novel alternative in agriculture that can effectively use inputs, enhance crop resilience to abiotic stresses and improve food quality. Additionally, biostimulants offer a promising and eco-friendly solution for reducing the use of chemical fertilizers, as they have the potential to increase crop nutrient use efficiency and yield. Because of their effects on plant growth, a wide range of products can be marketed as biostimulants. Presented in this review is an overview of recent literature on the use of plant growth-promoting microbes and microalgae-derived extracts obtained from either waste streams or recycled substrates. Starting from their source material, extraction technologies and application modalities, a view of their factors shaping the composition and activity of biostimulants is provided to elucidate a mechanistic model of action which leads to increased stress resilience in crops. This work further sets out to understand if the biostimulants can be used to transform waste into a valuable product that can accelerate the transition to sustainable agriculture. This article is part of the theme issue ‘Crops under stress: can we mitigate the impacts of climate change on agriculture and launch the ‘Resilience Revolution’?’.