The invention relates to a method for simultaneously extracting grease and proteins from microalgae, which takes wet algae mud as a raw material, adjusts the pH value to be alkaline or slightly alkaline, and performs wall breaking of microalgae cells and dissolution of the grease and the proteins through vapor. The method is as follows: dissolved microalgae slurry is filtered for removal of cell residue, and a mixture of the grease and the proteins is obtained; a hydrocyclone is utilized for oil-water separation, and microalgae grease is obtained; and a protein aqueous solution is subjected to nano-filtration, condensation, isoelectric precipitation and freeze drying or spray drying, and protein powder is obtained. The method utilizes the water-bearing microalgae cells as the raw material, saves the energy consumption for drying the algae cells, adopts a slightly alkaline or alkaline algae cell liquid to realize vapor wall breaking and simultaneous dissolution of the grease and the proteins, and has good wall breaking effect, high dissolution rate, low energy consumption and easily widened process. The method adopts vortex hydrocyclone separation to well solve the problem of difficult oil-water separation under the condition of low phase ratio and realize simultaneous extraction of the microalgae grease and the proteins. Moreover, the method has the advantages of simple process, economy, low energy consumption, and easy realization of industrialization.