In this study different methods were applied for lipids extraction from the dry biomass of Chlorella pyrenoidosa. The survey was carried under different conditions seeking comparative assessment of extraction methods. The method using chloroform:methanol (2:1 v/v) showed the highest lipid extraction followed by methanol, chloroform, ethanol, and hexane. Afterward, we also assessed the relative influence of the solvent extractor selectivity on the overall FAMEs (Fatty Acids Methyl Esters) yield. The application of the transesterification process on the several lipidic extracts was compared with direct transesterification process from dry biomass. In the extraction using chloroform:methanol system a larger amount of lipids was obtained but the conversion to FAMEs using transesterification process was the lowest from lipids. However, despite the amount of extracted lipids with methanol being smaller, its conversion to FAMEs was higher from lipids. In addition, the extraction with methanol followed by transesterification process also resulted in a higher FAMEs yield from biomass than direct transesterification process using methanol.