A method of extracting oil from algae by drying algae paste to a predetermined moisture content, contacting the algae paste with a polar solvent to make an algae-solvent solution and extracting oils from the algae paste into a solvent-oil solution, and separating extracted algae from the solvent-oil solution. An oil of whole and unhydrolyzed phospholipids, whole and unhydrolyzed glycolipids, lysolipids, and carotenoids extracted by the above method. An omega-3 fatty acid of docosahexanoic acids (DHAs) and eicosapentaenoic acids (EPAs) extracted from the above method. Isolated nutraceutical grade and pharmaceutical grade oil derived from algae and being free of toxins extracted by the above method. Isolated oil derived from algae including at least one omega-3 fatty acid of DHA and EPA at least partially in the form of whole and unhydrolyzed phospholipids and whole and unhydrolyzed glycolipids extracted by the above method.
