Natural-based chemicals from microalgae such as lipids and pigments are the interests in industries and the bioeconomy. Cold-adapted Ankistrodesmus sp. OR119838, an isolated strain from Cheshmeh-Sabz Lake in northeastern Iran, was cultivated using a two-stage culture strategy under different environmental conditions. With doubling the nitrate concentration at the vegetative stage (170mg/L) and increasing the light intensity (180µmol photons/m2/s) the highest specific growth rate (0.61 ± 0.02 per day) and biomass productivity (121.1 ± 7.2 mg/L/day) were observed at 25°C. In the optimal growth condition Chl a and Chl b contents of Ankistrodesmus sp. OR119838 reached the highest amount (11.07 ± 0.14 and 11.23 ± 0.29 µg/mL, respectively) at 25°C. While carotenoid content correlated negatively with optimum biomass productivity (-0.708) and had the best value (12.23 ± 0.29µg/mL) in nitrogen deficiency (42 mg/L) and intense light conditions (180µmol photons/m2/s) at 15°C. Lipid content was increased with declined nitrate concentration (42mg/L), high light intensity, and 180µmol photons/m2/s at 25°C. The highest percentage of polyunsaturated fatty acids (71.94%) and α-linolenic acid (57.73 ± 6.63%) was observed in conditions with 170mg/L nitrate concentration and low light intensity (40µmol photons/m2/ s) at the low temperature (15°C). While saturated fatty acids content (43.27%) and palmitic acid reached the highest amount under 40µmol photons/m2/s, 42mg/L nitrate at 25°C (35.02 ± 5.33%). Biomass productivity of Ankistrodesmus sp. OR119838, as a cold-adapted strain, decreased by only 8.2% with a 10-degree decline in temperature. Therefore, this strain has good potential to grow in open ponds by tolerating the daily temperature fluctuations.