Let us work with projective algebraic varieties over $k= \mathbb{C}$. If necessary we can also assume smoothness of the varieties.
Of course it is not in general true that given two line bundles $L, M$ on a variety $X$, we have $$ \Gamma(X,L \otimes M) = \Gamma(X,L)\otimes \Gamma(X,M), $$ an easy example is $\mathcal{O}(1)$ and $\mathcal{O}(-1)$ on projective space.
I was wondering if there are conditions that one can place on the variety or the bundles, such that the above equality does hold. Maybe if the bundles admit global sections, or are even generated by global sections?
As a second question, when we know the dimension of $\Gamma(X,L \otimes M)$, can we translate this back into information on $\Gamma(X,L)$ or $\Gamma(X, M)$? (assuming for the moment anything that you wish to assume.)
I know this last question is vague, so as an answer basically any general observation, or anything in a direction of a technique for calculation would be great!
The paper Global sections and tensor products of line bundles over a curve by David C. Butler quotes and proves some interesting results in that direction. For example:
On a smooth projective curve of genus $g$ let $L_1$ be a line bundle of degree $\geq 2g$ and $L_2$ a line bundle of degree $>2g$. Then $\tau : \Gamma(L_1) \otimes \Gamma(L_2) \to \Gamma(L_1 \otimes L_2)$ is surjective (this is due to Mumford). This also holds when $L_1$ and $L_2$ are globally generated and $\mathrm{deg}(L_1) + \mathrm{deg}(L_2) \geq 4g+1$. The paper also contains refinements about the image of $\tau$ (Theorems 1 and Theorem 2 in loc. cit). The proofs use Riemann-Roch.
If you are also interested in vector bundles instead of just line bundles, see the paper On the tensor product of sections of vector bundles on an algebraic curve by M. Baiesi and E. Ballico, and the references there.
I don't know if anything is known beyond curves.