The aim of this study was to establish a novel technology using microalgae for NO3– removal from high concentration wastewater and conversion to algal proteins. The effects of cultivation modes and illumination modes on the biomass yield, NO3– assimilation rate and algal protein yield were first investigated in shaking flasks for mixotrophic cultivation of Chlorella pyrenoidosa, and subsequently the scale-up verification in 5-L photo fermenter was successfully conducted. Fed-batch cultivation without medium recycling was the best cultivation mode in shaking flask system, in which the highest biomass yield (35.95 g/L), the average NO3– assimilation rate (2.06 g/(L·d)) and algal protein content (up to 42.44% of dry weight) were achieved. By using a staged increase of light intensity as illumination modes, the specific growth rate of cells could be significantly promoted to the highest (0.65 d–1). After a 128-hour continuous cultivation in a 5-L photo fermenter, the highest biomass yield and the average NO3– assimilation rate were reached to 66.22 g/L and 4.38 g/(L·d) respectively, with the highest algal protein content at 47.13% of dry weight. Our study could provide a photo fermentation technology of microalgae for highly efficient treatment of waste industrial nitric acid and/or high concentration nitrate wastewater. This microalgae-based bioconversion process could coproduce protein-rich microalgal biomass, which facilitates the resource utilization of these type wastewater by trash-to-treasure conversion.