The work presented in this study demonstrated the use of the wastewater generated by a bioethanol production plant as a potential growth media for the microalgae, Haematococcus pluvialis, growth, as well as astaxanthin production. A high density (4.37 ± 0.007 g/l) biomass culture was obtained by culturing H. pluvialis in an air - lift photobioreactor, supplemented with 5% carbon dioxide gas. This study evaluated the effectiveness of ultrasound in microalgal cell disruption and astaxanthin extraction. Total astaxanthin extracted (TAE) was 38 ± 2.55 mg/g, by pretreating the astaxanthin rich cells with ultrasound with 2M sodium hydroxide for 25 min, followed by solvent extraction using methanol. The residual Haematococcus biomass, obtained after astaxanthin extraction, was characterized as a potential biofuel feedstock. Hence, H. pluvialis helps in wastewater utilization, carbon dioxide uptake, production of high-value astaxanthin, as well as it has a potential to be used as a biofuel feedstock.