Cyanobacteria which is also known as blue-green algae have gained considerable attention as they offer high value bioactive compounds with feasible application for pharmaceutical and nutraceutical products. In this study, a filamentous cyanobacteria has been isolated from Palm Oil Mill Effluent (POME) of local industry. Morphological observation and biomolecular analysis were performed to identify the isolated species. The molecular phylogenetic analysis was based on the sequences of 16S rRNA gene. β-carotene content and dry biomass main components (carbohydrate, protein and lipid) were also investigated. The result of biomolecular analysis, supported by morphological identification confirmed that the strain was Uncultured oscillatoria sp. Carbohydrate, protein and lipid contents of the strain were 15.301%, 54.384% and 11.75% respectively. Under two different culture conditions ( culture incubated in normal BBM medium and in nitrogen depletion medium ), β-carotene content for both cultures were 0.697 % and 0.842 % respectively. The increase of β-carotene content in nitrogen depletion medium indicated that the stress applied is effective enough to enhance β-carotene production.