This article presents a comparative evaluation of pyrolysis and hydrothermal liquefaction (HTL) for obtaining biofuel from microalgal biomass (MAB). The research was carried out using biomass of a stable microalgae-bacteria consortium based on Arthrospira platensis. A. platensis was chosen because of its simple cultivation and harvesting. Pyrolysis was carried out at temperatures of 300, 400, 500, and 600 °C with a constant rate of temperature change of 10 °C/min; HTL was carried out at temperatures of 270, 300, and 330 °C. The bio-oil yield obtained by HTL (38.8–45.7%) was significantly higher than that of pyrolysis (up to 21.9%). At the same time, the bio-coal yields using both technologies were almost the same—about 27%. Biochar (bio-coal) can be considered as an alternative strategy for CO2 absorption and subsequent storage since it is 90% geologically stabilized carbon.