Natural resources are becoming increasingly scarce, and the need to control their consumption and recycle their use is growing. Water is one of the essential resources for human survival. Therefore, there has been an increasing interest in ways to save, recycle and treat water supplies. Aquaculture is one of the most polluting activities as it produces a significant wastewater volume, which needs proper treatment before being discharged into the environment or recycled. Microalgae are a potential solution for wastewater treatment. Due to their numerous advantages, the use of microalgal biomass is being studied, and, at present, there is already a market and room for profit in the sale of microalgal components in various forms, such as animal and human supplements. From a biorefinery point of view, it is important to take advantage of all the qualities and benefits that microalgae have by combining their great capacity to treat wastewater and exploit the produced biomass, analysing its composition for subsequent valorisation, for example. In this study, Chlorella vulgaris was used to treat aquaculture wastewater from a trout farm aquaculture facility, and the treatment efficiency was evaluated. To valorise the resulting biomass, its composition was also assessed. C. vulgaris successfully grew in the effluent with growth rates of 0.260 ± 0.014 d−1 and with average productivity of 32.9 ± 1.6 mg L−1 d−1. The achieved removal efficiencies were 93.5 ± 2.1% for total nitrogen, 98.0 ± 0.1% for nitrate-nitrogen and 92.7 ± 0.1% for phosphate-phosphorus. Concerning biomass composition, the lipids (15.82 ± 0.15%), carbohydrates (48.64 ± 0.83%), and pigment contents (0.99 ± 0.04% for chlorophyll a + b and 0.21 ± 0.04% for carotenoids) were similar to the values of similar studies. However, the protein content obtained (17.93 ± 1.21%) was lower than the ones mentioned in the literature.