To comprehensively understand kinetic characteristics of microalgae growth and lipid synthesis in different phases, a phase-feeding strategy was proposed to simultaneously regulate light, carbon and nutrients in adaption, growth and stationary phases of microalgae cultivation. Physiological-phased kinetic characteristics of microalgae Chlorella vulgaris growth and lipid synthesis under synergistic effects of light, carbon and nutrients were investigated, and supply-demand relationships of electrons and energy between light and dark reactions of photosynthesis process were discussed. Finally, the optimized cultivation strategy for microalgae in various phases were obtained, under which the lipid productivity was significantly improved from 130.11 mg/L/d to 163.42 mg/L/d. The study provided some important guidance for the large-scale production of biofuels from microalgae.