There is a growing worldwide interest in the potential of marine biomass as an environmentally friendly and economically sustainable resource. Due to the great lack of comprehensive information about domestic seaweed resources, this study aimed to analyze the existing literature on the production and types of domestic seaweed species. Based on this data the possibilities of industrial use of domestic seaweed for the production of biofuels and bioplastics had been assessed. Our review took into account the seaweed species on domestic coasts as well as the species currently in great production via seaweed farming. Due to their wide distribution, their status as farmed crops, and the likelihood of securing their reliable supply, Codium fragile, Hizikia fuciformis, and Gelidium amansii were deemed to be the most appropriate candidates for domestic industrial use. The industrial potential of seaweed biomass was also explored by comparing the predicted amount of biomass necessary to replace current gasoline and plastics use with currently available farming space. The results of our study imply that once a steady and adequate supply of the proper kinds of seaweed can be secured through seaweed farming, there is a great potential for the development of new seaweed-based biofuels and bioplastics industries in Korea.