Microalgae are photosynthetic microorganisms that can produce lipids, proteins and carbohydrates in large amounts and within short periods of time and these can be processed into both biofuels and other useful commercial products. Due to this reason microalgae are considered as a potential source of renewable energy; and one of the most important decisions in obtaining oil from microalgae is the choice of species. In this study, the potential of Chlorophyceae species isolated from freshwater and soda lakes in Hungary and Romania (Central Europe) were characterized and evaluated by determining their biomass accumulation, lipid productivity, fatty acid profiles, and biodiesel properties besides protein and carbohydrate productivity. Out of nine strains tested, three accumulated more than 40% dry weight of protein, four accumulated more than 30% dry weight of carbohydrate and the strain Chlorella vulgaris LC8 accumulated high lipid content (42.1% ± 2.6%) with a favorable C16-C18 fatty acid profile (77.4%) as well as suitable biodiesel properties of high cetane number (57.3), low viscosity (4.7 mm2/s), lower iodine number (75.18 g I2/100 g), relative cloud point (8.8 °C) and negative cold filter plugging point (−6.5 °C). Hence the new strain, Chlorella vulgaris LC8 has potential as a feedstock for the production of excellent quality biodiesel.