NOVELTY - A polar lipids and neutral lipids separating method involves providing a wet algal biomass comprising intact algal cells, which comprise proteins that are soluble in a mixture of amphipathic solvent, water, polar lipids and neutral lipids. The wet algal biomass is dewatered by removing extracellular water to increase the solid content of the wet algal biomass to produce a partially dewatered wet algal biomass, which is mixed with first amphipathic solvent and first hydrophobic solvent set to produce a first extraction mixture comprising a first heavier phase and a first lighter phase.    USE - Method for separating polar lipids and neutral lipids for use as high value products, surfactants, detergents, food additives and for generating renewable fuels.    ADVANTAGE - The method enables separating polar lipids and neutral lipids with better yield, better purity and better recovery in an efficient manner.    DETAILED DESCRIPTION - A polar lipids and neutral lipids separating method involves providing a wet algal biomass comprising intact algal cells, which comprise proteins that are soluble in a mixture of amphipathic solvent, water, polar lipids and neutral lipids. The wet algal biomass is dewatered by removing extracellular water to increase the solid content of the wet algal biomass to 5-50% to produce a partially dewatered wet algal biomass, which is mixed with first amphipathic solvent at a weight ratio of 1:1 and first hydrophobic solvent set to produce a first extraction mixture comprising a first heavier phase and a first lighter phase. The first lighter phase of the first extraction mixture is separated from the first heavier phase of the first extraction mixture. The polar lipids are separated from the first lighter phase to obtain a polar lipids fraction. The first heavier phase is mixed with second amphipathic solvent in a weight ratio of one part second amphipathic solvent to one part partially dewatered wet algal biomass, and a second hydrophobic solvent to obtain a second extraction mixture comprising a second heavier phase and a second lighter phase, separating the second heavier phase of the second extraction mixture from the second lighter phase of the second extraction mixture. The neutral lipids are separated from the second lighter phase to produce a neutral lipids fraction, where the first heavier phase comprises the first amphipathic solvent, neutral lipids, proteins that are soluble in a mixture of an amphipathic solvent and water, and partially dewatered wet algal biomass, the first lighter phase comprises the first hydrophobic solvent and the polar lipids, the second heavier phase comprises the second amphipathic solvent and partially dewatered wet algal biomass and the second lighter phase comprises the second hydrophobic solvent and the neutral lipids, the first lighter phase has a higher concentration of polar lipids than the second lighter phase, and the second lighter phase has a higher concentration of neutral lipids than the first lighter phase.