Increasing demands on fossil fuel have led to the unprecedented attraction to microalgal biofuel as an alternative energy. In this study, we investigated growth and lipid productions of microalga Nannochloris oculata under various carbon dioxide or nitrogen source concentrations and irradiance conditions. Biomass production of N. oculata was highest under 2% $CO_2$ with 0.3 flow rate (vvm). In addition, biomass productivities were proportional to the concentration of nitrogen source, whereas lipid biosynthesis was suppressed under higher nitrogen concentration (up to 50 mg/L). High irradiation ($160{sim}180;{mu}mol/m^2{cdot}s$) enhanced growth rate and lipid production of N. oculata.