The main resources limiting microalgae growth are typically phosphorus, nitrogen, and light. Based on the theory of the light limited chemostat, the variable cell quota approach, and photoacclimation models, we build a mathematical model for describing microalgae growth under limitation by these resources. The model is calibrated with a data set from the literature. Then, by numerical simulations, we find that under constant operation of the culture and constant environmental conditions (illumination, temperature, pH, etc.), solutions of the model approach towards either a positive or an extinction steady state. Based on the positive steady state, and in the context of wastewater treatment, we evaluate the capacity of microalgae to remove contaminants. We showed that the impacts of depth, incident light intensity, and dilution rate (or hydraulic retention time) have a crucial role on the optimization of the nutrient removal efficiency.