Porphyra, one of the most cultured red algae has gained economic importance across the globe for its nutritional benefits. Porphyra is being cultivated, harvested, dried, processed and consumed in large quantities in south eastern countries. It contains relatively high amounts of proteins, carbohydrates, and micronutrients. Exploitation of its fundamental attributes led to the discovery of various biologically active compounds like polysaccharides, phycobiliproteins and peptides with effective pharmacological applications. In this review, a systematic account of the research accomplished in the past decade and up-to-date overview of various bioactive compounds and its pharmacological implications has been compiled. This review summarizes the bioactivities like antioxidative, immunomodulatory, antihypertensive, anticoagulant and anticancer properties of the bioactive compounds from Porphyra.