Species of green macroalgae (Chlorophyta) of the genus Ulva are edible seaweeds with a range of health promoting bioactive components. Ulva is high in dietary fibre which promotes gastrointestinal health and is linked to a reduction in the incidence of chronic diseases. The fundamental active constituent of Ulva is the soluble fibre ulvan, a gelling sulfated polysaccharide with biological activities including immunomodulating, antiviral, antioxidant, antihyperlipidemic and anticancer. Ulvan also has the capacity to modulate cellular signalling processes in both plant and animal systems leading to beneficial effects on productivity and health. Consequently, ulvan is of significant interest as a constituent in human health, agricultural, and biomaterial products. This comprehensive systematic review investigates and recommends acid extraction, ultrafiltration, sugar constituent and molecular weight analysis for the extraction, purification, and characterisation of ulvan, respectively. The biological activities of ulvans are then critically reviewed.