This study compared the growth and lipid accumulation properties of two oleaginous microalgae, namely, Scenedesmus sp. LX1 and Chlorella sp. HQ, under different nutrient conditions. Both algal species obtained the highest biomass, lipid content and lipid yield under low-nutrient conditions (mBG11 medium). The biomass, lipid content and lipid yield of Scenedesmus sp. LX1 were 0.42 g·L^–1, 22.5% and 93.8 mg·L^–1, respectively. These values were relatively higher than those of Chlorella sp. HQ (0.30 g·L^–1, 17.1% and 51.3 mg·L^–1, respectively). These algae were then cultivated in an SE medium that contained more nutrients; as a result, the biomass and lipid yield of Scenedesmus sp. LX1 reduced more significantly than those of Chlorella sp. HQ. Opposite results were observed in lipid and triacylglycerols (TAGs) contents. The cell sizes of both algal species under low-nutrient conditions were larger than those under high-nutrient conditions. Chlorella sp. HQ cells did not aggregate, but Scenedesmus sp. LX1 cells flocculated easily, particularly under low-nutrient conditions. In summary, low-nutrient conditions favour the growth and lipid production of both algae, but Scenedesmus sp. LX1 outperforms Chlorella sp. HQ.