Biofertilizers encompass microorganisms that can be applied to plants, subsequently establishing themselves within the plant's rhizosphere or internal structures. This colonization stimulates plant development by enhancing nutrient absorption from the host. While there is growing literature documenting the applications of microalgae-based and bacterial-based biofertilizers, the research focusing on the effectiveness of consortia formed by these microorganisms as short-term plant biofertilizers is notably insufficient. This study seeks to assess the effectiveness of microalgae-bacterial biofertilizers in promoting plant growth and their potential contribution to the circular economy. The review sheds light on the impact of microalgae-bacterial biofertilizers on plant growth parameters, delving into factors influencing their efficiency, microalgae-bacteria interactions, and effects on soil health. The insights from this review are poised to offer valuable guidance to stakeholders in agriculture, including farmers, environmental technologists, and businesses. These insights will aid in the development and investment in more efficient and sustainable methods for enhancing crop yields, aligning with the Sustainable Development Goals and principles of the circular economy.