Microalgae may prove to be a reliable feedstock for the production of commodity bioproducts if their production can be made economically viable. Such a goal is achievable by diversity in products and maximizing production yield. In the present study, the cumulative impact of trophic modes, organic carbon sources (acetate, glucose, and glycerol), and operation modes on the production of Chlorella sorokiniana IG-W-96 biomass and intracellular macromolecules, namely lipids, carbohydrates, proteins, and pigments, were investigated. The results demonstrated meaningful variations among different cultivation strategies. For biomass production, mixotrophic fed-batch cultivation on acetate as a carbon source produced the highest biomass concentration (1.494 ± 0.017 gDCW·L−1), 41.5% higher than control (autotrophic). In terms of biochemicals, lipid and carbohydrate productions were maximum in mixotrophic batch cultures on glucose and glycerol, respectively (22.38 ± 0.67% DCW, 42.13 ± 1.24% DCW) which are 2.2-fold and 3.75-fold higher than control. For protein production, heterotrophic batch culture on acetate yielded the highest value (39.12 ± 0.02% DCW), 4.78-fold more than control, and for pigments (chlorophylls and carotenoids) production, mixotrophic cultivations failed to pass control and photoautotrophic culture was found to be the best choice (48.05 ± 3.22 μg·mL−1, 8.24 ± 1.05 μg·mL−1). Based on the results, guidelines and recommendations were introduced supporting the development of biorefinary concept. Following these guidelines, the two objectives of diversity of products and maximization of product yield may be satisfied. • Algal cultivation strategies for production of biomass and bioproducts are investigated. • Photoautotrophic cultures are suitable for algal pigment production. • Mixotrophic batch cultures on glucose are the best choice for lipid production. • Mixotrophic batch cultures on glycerol produce more carbohydrate. • Mixotrophic fed-batch cultures on acetate produce high biomass concentrations. • Chemoheterotrophic cultures on acetate are more suitable for protein production. [ABSTRACT FROM AUTHOR]