In order to study the effects of nitrogen stress on the lipid synthesis of Parachlorella kessleri TY02 and to understand the changes in growth, photosynthetic pigments, total protein and total carbohydrate contents during lipid accumulation, the cells of the strain were cultured in nitrogen-deficient (N−) and nitrogen-rich (N+) media for one week. Changes in cell growth, chlorophyll content, chlorophyll fluorescence parameters, neutral lipid and total lipid content, total protein content and total carbohydrate content were measured and analyzed. The results showed that, under nitrogen stress, the algal strain grew slowly, and chlorophyll and total protein contents decreased, while total carbohydrate and total lipid contents increased. This indicated that, under nitrogen stress, most of the carbon flowed to the synthesis of lipids and carbohydrates. Meanwhile, reducing the nitrogen content was a relatively economical and easy to operate method of promoting lipid accumulation.