Cultivation of Coelastrella sp. on Bold's basal medium (BBM) and Bold's triple nitrogen medium (B3N) over 12 days was performed for production of lipids and carotenoids by adjusting photoperiod and light intensity. The highest lipid content (30%) and maximum lipid productivity (77.83 mg/L/d) were attained on the 5th day of stage 2 in B3N media supplemented with 1% NaCl under light intensity of 4200 ± 100 Lux for 24 h. With the addition of 1% NaCl in B3N under light intensity of 4200 ± 100 Lux for 24 h (without any period of darkness) in stage 2, the biomass and lutein productivity were 1.8 and 1.6 folds of those under stage 1 in same medium. As judged by fatty acid profiles, the product, namely oil, met all the criteria stipulated for biodiesel in the international standard. We hypothesized that development of two phase cultivation may provide additional advantages which confirmed from the results obtained.