This contribution describes an algal fractionation scheme based on cell lysing and carbohydrate hydrolysis under acidic conditions, coupled with solvent extraction, that produces algal lipids, carbohydrates, and proteinaceous solid from partially dewatered algal biomass. Here, a design of experiments analysis was employed to identify the effect of fractionation conditions on the yields of the three product streams. By selection of appropriate conditions, the process can be steered from simple lipid extraction to near complete fractionation of the biomass. Lipid purification and upgrading were respectively achieved with a low-cost adsorbent and an inexpensive Ni-based catalyst that deoxygenated the lipids via decarboxylation/decarbonylation, an approach offering several advantages over the hydrodeoxygenation-based processes typically employed to convert lipids to hydrocarbons. The proteinaceous solids obtained were found to have much lower ash content as well as higher protein content relative to the untreated algae, enhancing the suitability of this material as a feedstock for the production of bioplastics.