In this work, we applied online chlorophyll a fluorescence measurements to monitor the changes in the photochemical parameters both in nitrate-deplete and nitrate-replete cultures of Nannochloropsis oceanica, in addition to biochemical parameters such as growth, lipid, fatty acid, and pigment contents. Under nitrate-replete conditions, growth was promoted along with pigment content, while total lipid content and fatty acid saturation level diminished. Under nitrate-deplete conditions, cultures showed an increased de-epoxidation state of the xanthophyll cycle pigments. Fast transients revealed a poor processing efficiency for electron transfer beyond QA, which was in line with the low electron transport rate due to nitrate depletion. Lipid content and the de-epoxidation state were the first biochemical parameters triggered by the change in nutrient status, which coincided with a 20% drop in the online effective quantum yield of PSII (ΔF/Fm’), and a raise in the Vj measurements. A good correlation was found between the changes in ΔF/Fm’ and lipid content (r=-0.96, p<0.01). The results confirm the reliability and applicability of online fluorescence measurements to monitor lipid induction in N. oceanica.