Only biodiesel production from algae would not be economically favorable. Other co-products such as animal feed and biochemical from algae have to be produced to utilize the full potential of algae nutrient composition and to fulfill the growing demand of protein for animal feed and biobased chemicals. With growing interest is such production schemes, several multiproducts from algae biorefinery system are being researched. However, these schemes need to be assessed for their environmental impact performance before commercial implementation. In this context, this study deals with the life cycle assessment of algae biorefinery system in India. Two schemes (1) biodiesel and protein production from algae (2) biodiesel, protein, and succinic acid were compared with their respective fossil based reference system. The assessment results show that algal biorefinery system is favorable to environment compared to the reference system. Among algae schemes, biodiesel, protein and succinic acid production from algae is superior in carbon dioxide emission reduction and fossil oil consumption compared to the other scheme. Sensitivity study with variation in the algae protein, carbohydrate and lipid composition indicated that lower protein content favors environmental impact reduction compared to high protein composition.