Microalgae are a promising alternative source of lipid for biofuel production. One of the most important decisions is the choice of species to use. High lipid productivity is a key desirable characteristic of a species for biodiesel production. This paper reviews information about microalgal growth rates, lipid content and lipid productivities for 8 species of freshwater microalgae. The information provide a framework for decision-making and a starting point for further investigation of species selection. The importance of lipid productivity as a selection parameter over lipid content and growth rate individually is demonstrated. Total lipid content of freshwater algae isolated from different aquatic habitats of Ganjam district, Odisha were examined. A comparative analysis showed variation or total lipid content in different seasons. Total lipid content was high in summer season and least in monsoon. As Microsysts sp. is a bloom causing algae, it is the best source of biofuel production due to its high temperature resistance character.
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