Microalgae have been suggested as a promising feedstock for producing biofuel because of their potential of lipid production. In this study, a first principles ODE model for microalgae growth and neutral lipid synthesis proposed by Surisetty et al. (2010) is investigated for the purpose of maximizing the rate of microalgae growth and the amount of neutral lipid. The model has 6 states and 12 parameters and follows the assumption of Droop model which explains the growth as a two-step phenomenon; the uptake of nutrients is first occurred in the cell, and then use of intra-cellular nutrient to support cells growth. In this study, optimal input design using D-optimality criterion is performed to compute the system input profile and sensitivity analysis is also performed to determine which parameters have a negligible effect on the model predictions. Furthermore, model predictive control based on successive linearization is implemented to maximize the amount of neutral lipid contents.