One mutant (HP-1) with higher growth rate was obtained from Nannochloropsis oceanica IMET1 by heavy-ion irradiation mutagenesis. Compared to the wild type, the biomass accumulation and maximum growth rate of HP-1 were individually increased by 19% and 6%, and its lipid productivity was increased by 28% from 211 to 271 mg L(-1) d(-1). Subsequently analysis indicated photosynthetic efficiency of HP-1 was higher than that of wild type during cultivation. Further, lipid composition analysis indicated TAG content of HP-1 was 14% higher, while polar lipid content was 15% lower than that of wild type. Moreover, fatty acid profiles analysis revealed no significant variation was found between the two strains. The mutant is discussed in terms of its comparative advantage over the wild type with respect to its potential utilization for biodiesel production. Owing to its higher lipid productivity and TAG content, HP-1 could be considered as a valuable candidate for microalgal biodiesel production.