Selection of suitable strain of microalgae is the crucial factor for large-scale production of algae-based products. Efforts have been made here for isolation, identification and biochemical characterization of five microalgae strains collected from Tripura (a small state in north-eastern region of India). Two Chlorococcum sp. (NITAAP008 and NITAAP019) demonstrate their high lipid (15-24%), equal amounts of carbohydrate and protein (35-40%), with specific growth rate of 0.13 day À1 . These strains are potential resource for biofuel production. After lipid extraction, remaining biomass can be used as source of carbohydrate for the production of other biofuels. One isolated strain is identified as Chlorella sp. (NITAAP009) and shows 22-33% carbohydrate, 41-50% protein and 5% chlorophyll with specific growth rate of 0.125 day À1 . Another Chlorella sp. (NITAAP011) isolated from lake area exhibits significant chlorophyll (5-6.4%), 30-50% carbohydrate, 48-60% protein and low lipid (1-10%) with lower specific growth rate (0.10 day À1 ). Both strains are having industrial competence for chlorophyll production due to their synthesizing ability of significant amount of chlorophyll (5-6.4%). The last one, Korshikoviella sp. (NITAAP017), has 15-18% lipid, 22-34% carbohydrate, 30-43% protein and 3-4% chlorophyll with specific growth rate of 0.12 day À1 and can be used for food supplement production or lipid synthesis.