The microalgae, Microcystis aeruginosa are able to proliferate in a wide range of freshwater ecosystem. M. aeruginosa was cultivated in 25 L and 240 L race-way reactor containing modified medium with added urea 0.2 g/L, increased $Fe^{+2}$, and decreased $Ca^{+2}$ion compared to BG11 medium. Sugar contents of M. aeruginosa grown in BG11 medium, and modified medium were 120 mg/mL and 140 mg/mL respectively. Fermentation was conducted with the extract of M. aeruginosa at $30^{circ}C$ for 30 h, using Saccharomyces cerevisiae (Sc), Pichia stipitis (Ps), Zymomonas mobilis (Zm), and mixed-culture of these strains (Sc + Ps + Zm). Pichia stipitis (0.7%) was found to be more suitable for producing bioalcohol from M. aeruginosa extract than other strains of Saccharomyces cerevisiae (0.45%) and Zymomonas mobilis (0.61%), while mixed-cultured of these strains showed higest productivity by 1.75%. Biomass of M. aeruginosa contains the potency to be the most renewable resource for bioalcohol fermentation.