Cyanobacteria are widespread photosynthetic prokaryotes that inhabit both aquatic and terrestrial environments. Their excessive proliferation in water bodies can disrupt ecosystems and pose serious health risks. This study aimed to evaluate the effectiveness of two commercial algal-based formulations, FerWay and SimbiWay, in suppressing the growth of the cyanobacterial species Chroococcus sp. NSCCC W55. The impact of these formulations on cyanobacterial biomass was assessed by detecting biomass yield using spectrophotometry and visual observation. The biosafety of utilizing the formulations was estimated through toxicity testing using the Artemia salina bioassay, followed by bioactive compound analysis (liquid chromatography coupled with mass spectrometry). The findings indicated the inhibitory effects of FerWay at all applied concentrations. SimbiWay showed a dose-dependent effect on cyanobacterial growth, stimulating up to a 3% concentration, peaking at 1%, followed by a decline and biomass mortality at higher concentrations. Both formulations contained numerous antioxidative compounds, exhibited no toxicity to A. salina, and formed hydrogels with cyanobacterial biomass. The results suggest that algal-based formulations FerWay and SimbiWay exhibit promising potential as eco-friendly solutions for reducing cyanobacterial blooms. SimbiWay, at lower doses, could also benefit biotechnological applications that require biomass augmentation, such as efforts to combat desertification.