Glucose, free amino nitrogen (FAN), and phosphate were recovered from food waste by fungal hydrolysis using Aspergillus awamori and Aspergillus oryzae. Using 100g food waste (dry weight), 31.9g glucose, 0.28g FAN, and 0.38g phosphate were recovered after 24h of hydrolysis. The pure hydrolysate has then been used as culture medium and nutrient source for the two heterotrophic microalgae Schizochytrium mangrovei and Chlorella pyrenoidosa, S. mangrovei and C. pyrenoidosa grew well on the complex food waste hydrolysate by utilizing the nutrients recovered. At the end of fermentation 10–20g biomass were produced rich in carbohydrates, lipids, proteins, and saturated and polyunsaturated fatty acids. Results of this study revealed the potential of food waste hydrolysate as culture medium and nutrient source in microalgae cultivation.