Microalgae are currently considered to be one of the most promising alternative sources for biodiesel production. In order to identify the potential microalgae for bio-diesel production, the present study was conducted. Twelve pure microalgal cultures were isolated from various water samples and were identified up to generic level. Four reference strains Botryococcus braunii (Ref strain1), Neochloris oleoabundans (Ref strain 2) Botryococcus sp. (B6) and Scenedesmus dimorphus (SD7) were used in this study. Further, biomass production and lipid content were analyzed. The highest biomass production was noticed in reference strain Botryococcus braunii 3.45 g l^-1, followed by Chlorella sp. (C3) which produced 3.2 g l^-1. The lipid production in Botryococcus braunii (Ref strain1) was 1.73 g l^-1, followed by Chlorella sp. (C3) with 1.60 g l^-1.