Microalgae have been studied as biofactories for almost four decades. Yet, even until today, many aspects of microalgae farming and processing are still considered exploratory because of the uniqueness of each microalgal species. Thus, it is important to develop the entire process of microalgae farming: from culturing to harvesting, and down to extracting the desired high-value products. Based on its rapid growth and high oil productivities, Nannochloropsis sp. is of particular interest to many industries for the production of high-value oil containing omega-3 fatty acids, specifically eicosapentaenoic acid (EPA), but also several other products. This review compares the various techniques for induction, harvesting, and extraction of EPA-rich oil and high-value protein explored by academia and industry to develop a multi-product Nannochloropsis biorefinery. Knowledge gaps and opportunities are discussed for culturing and inducing fatty acid biosynthesis, biomass harvesting, and extracting EPA-rich oil and high-value protein from the biomass of Nannochloropsis sp. (C) 2017 Elsevier Ltd. All rights reserved.