Fucoxanthin has gained attention for its beneficial effects, including anti-cancer, anti-obesity, and anti-inflammatory activities. A benthic marine diatom Melosira nummuloides is a promising candidate for fucoxanthin production. Nevertheless, industrial-scale cultivation remains constrained by suboptimal growth performance and the lack of species-tailored media. This study aimed to develop a cost-effective medium for enhancing biomass and fucoxanthin production in M. nummuloides by modifying the conventional F/2 medium based on species-specific intracellular nutrient stoichiometry. The cellular molar N:P:Si ratio of M. nummuloides was identified as 13:1:12.3. Despite nitrogen reduction by 36.13% relative to F/2 medium, M. nummuloides cultivated in the Melosira-Optimized Medium using Fumed Silica (MOM-FS) was well grown, achieving biomass concentration of 261 mg/L on day 4—approximately 1.21-fold higher than that obtained with F/2. In addition, MOM-FS enhanced biomass-associated fucoxanthin yield by 10.3% and biogenic silica yield by 20.8% relative to the F/2. The use of MOM-FS reduced total medium costs by 28.3%, fucoxanthin production cost by 36.8%, and bio-silica production cost by 28.3%. Overall, these findings indicate that the cost-effective medium developed here provides a practical, efficient, and economically viable framework for large-scale cultivation of M. nummuloides and the co-production of fucoxanthin and bio-silica.