The potential success of microalgal biofuels greatly depends on the sustainability of the chosen pathway to produce them. Hydrothermal liquefaction (HTL) is a promising route to convert wet algal biomass into biocrude. Recycling the resulting HTL aqueous phase (AP) aims not only to recover nutrients from this effluent but also to use it as a substrate to close the photosynthetic loop and produce algal biomass again and process this biomass again into new biocrude. With that purpose, the response to AP recycling of five Chlorellaceae strains was monitored over five cultivation cycles. After four successive cycles of dynamic growth under nutrient-replete conditions, the microalgae were cultivated for a prolonged fifth cycle of 18 days in order to assess the impact of the AP on lipid and biomass accumulation under nutrient-limited conditions. Using AP as a substrate reduced the demand for external sources of N, S, and P while producing a significant amount of biomass (2.95-4.27 g/L) among the strains, with a lipid content ranging from 16 to 36%. However, the presence of the AP resulted in biomass with suboptimal properties, as it slowed down the accumulation of lipids and thus reduced the overall energy content of the biomass in all strains. Although Chlorella vulgaris NIES 227 did not have the best growth on AP, it did maintain the best lipid productivity of all the tested strains. Understanding the impact of AP on microalgal cultivation is essential for further optimizing biofuel production via the HTL process.