Glucose, free amino nitrogen (FAN), and phosphate were recovered from food waste by fungal hydrolysis using Aspergillus awamori and Aspergillus oryzae. Using 100 g food waste (dry weight), 31.9 g glucose, 0.28 g FAN, and 0.38 g phosphate were recovered after 24 h of hydrolysis. The pure hydrolysate has then been used as culture medium and nutrient source for the two heterotrophic microalgae Schizochytrium mangrovei and Chlorella pyrenoidosa, S. mangrovei and C. pyrenoidosa grew well on the complex food waste hydrolysate by utilizing the nutrients recovered. At the end of fermentation 10–20 g biomass were produced rich in carbohydrates, lipids, proteins, and saturated and polyunsaturated fatty acids. Results of this study revealed the potential of food waste hydrolysate as culture medium and nutrient source in microalgae cultivation.