The sustainability of a microalgae wastewater treatment plant model (ALGA), assumed serving a small Swedish town with 10,000 inhabitants at latitude 60°N, was tested by comparing it to a conventional three-step treatment plant (WWTP), and a mechanical and chemical treatment plant (TP) complemented with a constructed wetland (TP + CW). Using two assessment methods—the socio-ecological principles method and emergy analysis—the ALGA model considered to have a better position for sustainable development, than the other two. In emergy terms the ALGA model had about half the resource use of the other two alternatives, and used most local free environmental resources, four times the TP + CW, and 100 times the WWTP. The violations against the second and third socio-ecological principles were considered equal for the three alternatives, the fourth was estimated to be in favor of the ALGA model, and the first principle was calculated to be in favor of the ALGA model with about eight times lower indicator value sum. Recirculation of nutrients back to society or production of economically viable products from the treatment by-products would strongly influence the sustainability. The ALGA model has a potential advantage due to interesting biochemical contents in the microalgae biomass, depending on what species will become dominating.