Light-emitting diodes (LED) can be utilized as tailorable artificial light sources for the cultivation of cyanobacteria such as Arthrospira platensis (AP). To study the influence of different LED light colors on phototrophic growth and biomass composition, AP was cultured in closed bioreactors and exposed to red, green, blue, or white LED lights. The illumination with red LED light resulted in the highest cell growth and highest cell densities compared to all other light sources (order of cell densities: red > white > green > blue LED light). In contrast, the highest phycocyanin concentrations were found when AP was cultured under blue LED light (e.g., order of concentrations: blue > white > red > green LED light). LED-blue light stimulated the accumulation of nitrogen compounds in the form of phycobiliproteins at the expense of cell growth. The results of the study revealed that exposure to different LED light colors can improve the quality and quantity of the biomass gained in AP cultures.