The red algal genus Vertebrata (Ceramiales, Rhodophyta) comprises 30 species of rather small filamentous algae, differing in morphology, distribution, and ecological preferences. In this review we focus on the two most studied Vertebrata species, V. lanosa and V. fucoides. These occur predominantly in cold and temperate waters on the North Atlantic coasts. Both species have recently gained attention due to their specific secondary metabolites, having considerable pharmaceutical potential and also due to their high capacity to accumulate heavy metals and radionuclides. The review summarizes the data on taxonomy, anatomy, cytology, genetics, ecology, distribution, and potential practical application of Vertebrata species. Special emphasis is on the biochemical composition of V. lanosa and V. fucoides, including their specific metabolites, such as bromophenols, organosulfur compounds, and mycosporine-like amino acids. In addition, the biochemistry and ecology of V. lanosa is discussed in the context of its increasing popularity as a spice (“sea truffle”) in several world cuisines.