Ettlia oleoabundans is a non-sequenced oleaginous green microalga. Despite the significant biotechnological interest in producing value-added compounds from the acyl-lipids of this microalga, a basic understanding of the physiology and biochemistry of oleaginous microalgae is lacking, especially under nitrogen deprivation conditions known to trigger lipid accumulation. Using an RNA-Seq-based proteomics approach together with manual annotation, we are able to provide the first membrane proteome of an oleaginous microalga. This approach allowed the identification of novel proteins in E. oleoabundans, including two photoprotection-related proteins, PSBS and MPH1, which were considered exclusive to higher photosynthetic organisms, as well as RP2-CLC, a membrane protein with a novel domain architecture. Free flow zonal electrophoresis of microalgal membranes coupled to LC-MS/MS proved to be a useful technique for determining the intracellular location of proteins of interest. Carbon flow compartmentalization in E. oleoabundans was modeled using this information. Molecular phylogenetic analysis of protein markers and 18S (r)DNA, support the reclassification of E. oleoabundans within Trebouxiophycean microalgae, rather than with the Chlorophyceae class in which it is currently classified, indicating it may not be closely related to the model green alga Chlamydomonas reinhardtii. A detailed survey of biological processes taking place in the membranes of nitrogen-deprived E. oleoabundans, including lipid metabolism, provides insights into the basic biology of this non-model organism.