Three freshwater microalgal species such as Chlorella protothecoides, Micractinium sp. and Scenedesmus obliquus were cultured under static magnetic field (SMF) and its influence on the accumulation of biomolecules (lipids, proteins, carbohydrates) and biomass production have been evaluated. This study involved the cultivation of the three microalgal species under the electromagnetic intensity of 80mT which was achieved using ferrite magnets. The SMF treatment showed a significant enhancement in biomass productivity of S. obliquus (0.098 g L−1 d−1) and C. protothecoides (0.114 g L−1 d−1). On compared to SMF untreated culture, Micractinium sp. resulted in a considerable reduction in biomass productivity by 10.9 % was observed. The constant SMF treatment for the total cultivation period (17 days) has significantly promoted the biomolecules accumulation (9 % lipids, 39 % protein, 16 % carbohydrates) and biomass (55 %) productivity of S. obliquus. The results suggested that SMF treatment exhibited a species-specific response in biomass productivity and biomolecules accumulation. Finally, to assess the feasibility of this strategy, economic feasibility and LCA simulation for SMF treated microalgal biomass and biomolecules production have been evaluated. LCA revealed that the magnetic field application for microalgal cultivation processes showed diversified impacts on environment as few indicators (Abiotic depletion, Acidification and Global warming) were better under magnetic application as compared to non-magnetic cultivation process.