The aim of this study is to investigate the effect of the N/P ratio on biomass growth with the simultaneous removal of nutrients from municipal wastewaters. An optical panel photobioreactor is employed for this investigation because it provides a uniform light distribution within the reactor, which enhances the efficiency of the reactor in the cultivation of microalgae. The N/P ratio is varied over a wide range, i.e., from 5 to 30, for the assessment of its effect on biomass productivity. There is not a strong correlation between biomass productivity and TN removal, and these factors do not seem to be proportional in the wastewater using the microalgae we employed. In contrast, the TP removal depends greatly on both the N/P ratio and biomass productivity. The optimum value of the N/P ratio for biomass productivity in and nutrient removal from municipal wastewater treatment using microalgae varies from 5 to 30, depending on the ecological conditions in the wastewater.