There is a growing recognition that carbon-neutral biofuels and microalgae are eco-friendly options because of their high CO2 sequestering capability and ability to grow in wastewater/sea water and non-arable land. Also the intrinsic properties of microalgal systems can be exploited for high value compounds such as carbohydrates, lipids, pigments and proteins. This article provides a comprehensive review of various microalgae cultivation practices utilizing organic and inorganic carbon sources. The merits and demerits of the various extraction and analytical procedures have also been discussed in detail. (C) 2017 Elsevier Ltd. All rights reserved.