From the growth study of the algae species conducted in the present work, it can be concluded that Chlorella showed the maximum growth and higher growth rate based on the chlorophyll content and dry cell weight both in the presence and absence of BG 11 media. Pond water algae grow almost at the same rate as that of Spirulina algae. Comparing the results of proximate analysis, moisture content in Chlorella was higher as compared to Spirulina and pond water algae whereas the volatile matter and fixed carbon on dry-ash-free basis for all the three algae biomass were in the comparable range. Elemental composition of all the three algae species were also more or less the similar. The proximate and elemental composition of algae biodiesel was found comparable with that of karanja biodiesel which is already an established biodiesel. Thus pond water algae can be considered as a viable feedstock for biodiesel production as economic viability of biodiesel is dependent upon the price of feedstock used for biodiesel.