Phycoremediation; biotransformation of nutrients and or pollutants by microalgae, supports sustainable wastewater treatment, coupled with biomass production, resulting in enhanced cost savings, waste minimization, and energy conservation. A major challenge in this technique involves cultivation system to be adopted, mode of treatment and harvesting methods. Three different algal cultivation systems; polybags (PB), photobioreactors (PBR) and race way ponds (RWP) were employed for culturing an indigenous microalga, Scenedesmus obliquus in rice mill paddy-soaked wastewater (PSW). The maximum biomass productivity (BP) of 340 ± 2 mg/L/d was observed in PBR with an ammonical nitrogen (NH3-N) removal (RN) of 96.12 ± 0.21% and the phosphates (PO4-P) removal (RP) of 97.58 ± 0.18%. Highest lipids (L)∼12% (% biomass), protein (P)∼40% and carbohydrates (C)∼20%) were gained in PBR culture system, followed by RWP and PB.