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Microalgae lipid-derived biofuels is considered promising candidates for substitution of petroleum-based energy sources. However, the lipid extraction from the algal biomass stands as a challenge due to its low yields and cost-intensive cell disruption procedures. In this study a multivariate optimization of the extraction conditions was suggested, aiming a maximization of the lipid extraction from Scenedesmus sp. microalgae grown using wastewater as a nutrient medium. The extraction method, extraction time, solvent mixture and pretreatment were considered between upper and lower levels in order to access their significance, including their interactions, on the experimental response, while using a reduced number of experiments. The studies were performed using low-cost extraction methods (magnetic stirring and ultrasonication). The optimal extraction condition was obtained using CHCl 3 :MeOH (2:1) solvent mixture, in a 2-hour extraction period using ultrasonication. Fatty acid profiles of extracted lipids were also evaluated.