This article proposes a dynamical model of microalgal lipid production under nitrogen limitation. In this model, intracellular carbon is divided between a functional pool and two storage pools (sugars and neutral lipids). The various intracellular carbon flows between these pools lead to a complex dynamic with a strong discrepancy between synthesis and mobilization of neutral lipids. The model has been validated with experiments of Isochrysis aff. galbana (clone T-iso) culture under various nitrogen limitation conditions and under nitrogen starvation. The hysteresis behavior of the neutral lipid quota observed experimentally is accurately predicted.