The review covers the modern trends in the field of biodiesel production from microalgal biomass. It represents the data on the most promising strains of microalgae as the lipid producers. The influence of various medium components, temperature, pH and illumination intensity on microalgae biomass composition, lipid accumulation and their metabolism is observed. Among the substrates used for the cultivation of microalgae, wastewater is the most promising one. Approaches to obtaining biodiesel from microalgae lipids using biocatalytic transesterification with various lipases are considered.