The fundamentals of analyte extractable fraction, solubility, partitioning and mass transfer resistance in supercritical fluid extraction were studied using inverse modeling. These phenomena are essential for understanding, predicting and optimizing the supercritical fluid extraction process. Carotenoids, chlorophyll A, ergosterol and total lipids were extracted from the microalgae Chlorella sp. The analytes were measured continuously in-line and on-line using UV/Vis absorption spectroscopy measurements and by evaporative light scattering detection. Various pressures, temperatures, flow rates and fractions of ethanol as a co-solvent were evaluated. The extractable fraction of carotenoids, chlorophyll A and total lipids were dependent on the co-solvent fraction in the extraction phase. The additional amount that could be extracted by using more co-solvent followed a normal distribution, indicating that analytes should not simply be categorized into weakly or strongly bound. The characteristics of diminishing extraction rates over time was accounted for by analyte partitioning rather than intra-particle diffusion limitations.