The purpose of this study was to determine the optimum conditions for the cultivation of Chlorella sp.FC-21 under light-emitting diodes (LEDs). Specific growth rates and Chlorella cell concentrations were measured when they were grown under different LED wavelengths (red, blue, white, and mixed). The red LEDs were the most effective light source as determined by increases in specific growth rates and cell concentrations. Cell concentrations increased as light intensity was increased; however, the specific growth rate decreased as the initial cell concentration rose due to the shading effect of cells in the reactor. To determine if aeration is beneficial during cell cultivation, micro-air bubbles were aerated at 0.70 vvm in the reactor under red LED illumination. Aeration led to two- and ten-times greater specific growth rates. Our findings show that red LEDs with aeration are optimal for cultivation of Chlorella sp. FC-21.