Third generation biofuels are produced from different sources of biomass than the biomass sources used for first and second generation biofuels production, third generation biofuels production are based in emerging technologies that ensures high fuel production per area unit and lower production costs. Microalgae oil appears as a promising biodiesel source due to their oil content is bigger than oil content of other vegetal sources currently used. Several extraction methods has been evaluated on microalgae biomass for make easy, efficient, cheap and environmentally friendly the oil extraction process. In this review, some microalgae oil extraction techniques are discussed (chemical solvent extraction methods, osmotic shock, supercritical fluid extraction, autoclaving, ultrasound extraction, microwave assisted extraction, mechanical cell destruction, enzymatic extraction), such as a chemical solvent extraction methodology proposed by the authors in the developing of projects supported by the Colombian Agriculture & rural development ministry, the Instituto de Morrosquillo Corporation, the Colombian Petroleum Institute ICP-ECOPETROL, the Industrial University of Santander, and the Latinamerican Science & Technology Development Programme CYTED.