The negative environmental impact of the aviation industry, related mainly to the gaseous emissions from turbine exhausts, is increasing with the increased demand on travel. In addition to the adverse environmental effects, the currently used aviation fuel is posing economic burdens on the air transport sector, with the increase in crude oil prices. Therefore, the aviation industry is investigating the potential of substituting the currently used aviation fuel with alternative fuels- mainly with those derived from second generation biofuels. Of all available sources of second generation biofuels, numerous studies indicate that those derived from algae seem to be the most promising, in terms of providing a viable and sustainable alternative to fossil fuels. This study explores the feasibility of microalgal jet fuel, taking into consideration technological, environmental and economic aspects. The results indicate that the viability and sustainability of microalgal jet fuel greatly depend on the technologies and inputs used during the different production stages of microalgal fuels. Provided certain conditions and characteristics are present, microalgal jet fuel has a realistic potential to provide the economic and environmental benefits needed to substitute conventional fuels.