NOVELTY - Making bio-fuel comprises: dewatering algal cells to make algal biomass; extracting first liquid fraction using first solvent set; extracting second liquid fraction using second solvent set, where the second fraction comprises polar lipids; extracting third liquid fraction using third solvent set; esterifying neutral lipids; separating water soluble fraction with glycerin; distilling fuel esters to obtain C16 or shorter fuel esters fraction, C16 or longer fuel ester fraction, and residue containing carotenoids and omega-3 fatty acids; and deoxygenating e.g. shorter fuel esters.    USE - The method is useful for: making bio-fuel (claimed), foodstuffs and nutrient supplements; extracting co-products of lipids from oleaginous material that comprise proteinaceous material, chlorophyll and carotenoids; extracting proteins from oleaginous material e.g. algal biomass that are used in applications e.g. fibers, adhesives, coatings, ceramics, inks, cosmetics, textiles, chewing gum and biodegradable plastics; and extracting the metals in protein and/or polar lipid fractions.    ADVANTAGE - The method: allows simultaneous extraction and fractionation of algal products from algal biomass in a single step, thus producing both fuels and nutritional products; is a non-disruptive extraction process that results in 90% recovery; provides the neutral lipid fraction that possesses low metal content, thus enhancing stability of the lipid fraction, and reducing subsequent processing steps; utilizes wet biomass and thus reduces drying and dewatering costs; exhibits low operating costs along with the solvent recycle; allows easy removal and recovery of the polar lipids thus producing high quality bio-fuels or triglycerides and generates glycolipids and phospholipids; is applied to any algae or non-algae oleaginous material; and provides a biomass which is devoid of water and can be completely dried with less energy than aqueous algae slurry.    DETAILED DESCRIPTION - Making bio-fuel comprises: dewatering intact algal cells to make an algal biomass; extracting a first liquid fraction from the algal biomass using a first solvent set, where the first solvent set comprises an alcohol in a ratio of 1 part algal biomass to 1 part first solvent set, and the first liquid fraction comprises a protein rich fraction; extracting a second liquid fraction from the algal biomass using a second solvent set, where the second solvent set comprises the alcohol in the ratio of 1 part algal biomass to 1 part second solvent set, the second fraction comprises polar lipids, the second solvent set has a lower polarity than the first solvent set, and the second liquid fraction has higher percentage of polar lipids than the first liquid fraction; extracting a third liquid fraction from the algal biomass using a third solvent set, where the third solvent set comprises the alcohol in the ratio of 1 part algal biomass to 1 part third solvent set, the third fraction comprises neutral lipids, the third solvent set has lower polarity than the first and second solvent sets, and the third liquid fraction has a higher percentage of neutral lipids than the first or second liquid fractions and a lower percentage of polar lipids than the second liquid fraction; esterifying the neutral lipids; separating a water soluble fraction of glycerin from a water insoluble fraction of fuel esters; distilling the fuel esters under vacuum to obtain a C16 or shorter fuel esters fraction, a C16 or longer fuel ester fraction, and a residue containing carotenoids and Omega -3 fatty acids; and hydrogenating and deoxygenating at least one of C16 or shorter fuel esters to obtain a jet fuel blend stock or C16 or longer fuel esters to obtain a diesel blend stock.