The oldest green algal genus Ulva has wide spread distribution to all the continents. The distromatic and monostromatic thallus both now form single taxa based on ITS rDNA and rbcL gene sequencing. Ulva is known to occupy several ecological niches including fresh and marine (intertidal and subtidal) habitats, attributed to its tolerance to key determinants such as light, temperature, salinity etc. The genus is perceived as model system to study life-cycle, morphogenesis and development from simple to complex multicellularity. The life cycle is isomorphic and biphasic type, knowledge of which is important in developing viable cultivation techniques. The culture is being attempted by photo-bioreactor, land based and open sea farming which registered 1,500 tones dry annum-1 biomass production. The understanding of scientific basis for eutrophication-driven green tide events is of paramount importance for coastal ecosystem management. The studies related to cross – kingdom cross – talk between Ulva and surrounding microbe are recently undertaken through high-throughput techniques to understand their role in growth, development and morphogenesis. The several regional species are rich in vital nutrients thus qualify in functional food sector, but recent research is poised to develop bio-refinery model for complete utilization of feedstock.