Considering the population growth and limitation of farms and fresh water, there is a crucial need for an appropriate replacement for food resources. Algae are promising alternatives to food sources, since they do not compete with traditional food resources while they produce appreciable amounts of protein and lipids. On the other hand, biofuels from renewable sources are good alternative for reducing our dependence on fossil fuels, helping to maintain a healthy environment and economic sustainability. The production of biofuels from food sources commonly used by humans or animals can be problematic; hence, the production of biofuels, e.g., biogas and biodiesel, from algae are suggested. In this study, Azolla filiculoide macroalgae was used as source for lipid, protein, and biofuels. Oil production by hexane from the algae biomass was investigated and the effect of extraction time on extraction efficiency was examined. The A. filiculoide potential as a source of protein was determined based on the composition of amino acids. The results showed that, the oil extraction efficiency was improved from 13% to 18% by increasing extraction time. The extraction and measurement of protein were carried out at low temperature using the Lowry method. The results showed that the biomass of A. filiculoide had 12% protein content, where its 80% was precipitated in the separation process. Biogas production from algae samples was investigated after extraction of lipids, proteins, and phenolic compounds. The cumulative biogas production efficiencies for untreated sample was 250 ml per gram of volatile solid (g VS), while it was about 280 ml/g VS for samples that their lipid and phenolic compounds were extracted. Moreover, the biogas yield was about 194 ml/g vs for the samples that their protein was extracted. After lipid and protein extraction, analysis of fatty acids and amino acids were also carried out. The highest fatty acid content belonged to alpha-linolenic acid (39.75% of total fatty acids) and palmitic acid (37.55% of total fatty acids). The amino acid analysis also showed that A. filiculoide has aspartic acid, serine, glutamic acid, glycine, alanine, aspartic acid, serine, histidine, arginine, threonine, isoleucine, lysine and tyrosine, while the highest amount was related to glutamic acid. From the results of the experiments, it can be concluded that A. filiculoide is a good source of lipid and protein and the remaining biomass materials are suitable source for biogas production. Keywords: Anaerobic fermentation, Biogas, Protein extraction, Amino acid, Fatty acids, Lipid extraction.