This invention relates to compositions comprising high lipid content algae and methods of making and utilizing the same. In particular, the invention relates to high lipid content algae biomass and algal lipid materials derived from the same, methods of making the same, as well as to biofuels (e.g., biodiesel) and dietary compositions (e.g., animal feeds) comprising or made from the same. Compositions and methods of the invention find use in a variety of applications including biofuel, dietary (e.g., human and animal nutrition), therapeutic as well as research applications.