Fish farm effluents may be used as culture media for marine microalgae, the cell mass of which constitute an excellent fish feed rich in bioactive compounds. In the current investigation different fish farm effluents were tested as culture media for Nannochloropsis strains. Among them, Nannochloropsis gaditana grew well on the effluent released from the sedimentation tank (EST), which is the final step of the wastewater treatment. Mono‐algal but non‐aseptic cultures were conducted in two types of photo‐bioreactors, namely stirred tank reactor (STR) and open pond simulating reactor (OPSR) working under various photoperiods. N. gaditana grew well under full illumination mode on phosphate rich EST in the STR, producing 847.0 mg/L of dry cell mass containing 7.8%, w/w lipids, while when cultivated on phosphate limited EST, cell mass production was slightly lower but lipid biosynthesis was favored, with the lipid content reaching 24.7%, w/w in dry cell mass. In all trials, Nannochloropsis cell mass contained significant quantities of proteins and polysaccharides. Neutral lipids were predominant over polar lipids. Both glycolipid and phospholipid fractions were rich in polyunsaturated fatty acids, especially in eicosapentaenoic acid. We conclude that fish farm wastewaters can be re‐used as microalgae growth media, which is of financial and environmental importance.