The macromolecular composition of activated sludge (lipids, intracellular proteins and intracellular polysaccharides) was studied together with its capacity to store macromolecules such as polyhydroxybutyrate (PHB) in a conventional activated sludge system fed with synthetic sewage water at an organic load rate of 1.0 kg COD/(m(3)·d), varying the dissolved oxygen (DO) and temperature. Six DO concentrations (0.8, 1.0, 1.5, 2.0, 2.5 and 8 mg/L) were studied at 20°C with a sludge retention time (SRT) of 6 days. In addition, four temperatures (10ºC, 15ºC, 20ºC and 30ºC) were assessed at constant DO (2 mg/L) with 2 days SRT in a second experimental run. The highest lipid content in the activated sludge was 95.6 mg/g VSS, obtained at 30°C, 2 mg/L of DO and a SRT of 2 days. The highest content of intracellular proteins in the activated sludge was 87.8 mg/g VSS, obtained at 20°C, 8 mg/L of DO and a SRT of 6 days. The highest content of intracellular polysaccharides in the activated sludge was 76.6 mg/g VSS, which was achieved at 20°C, a SRT of 6 days and a wide range of DO. The activated sludge PHB storage was very low for all the conditions studied.