Phosphorus (P) is critical for algal growth and resistance to environmental stress. However, little is known about the effects of P supply on the lead (Pb) toxicity and accumulation in microalgae. We set up two P concentrations, 315 (PL) and 3150 μg L−1 (PH), in algal culture, and the responses of Chlamydomonas reinhardtii to various Pb treatments (0, 200, 500, 1000, 2000, and 5000 μg L−1) were investigated. Compared with the PL condition, PH promoted cell growth but reduced cellular respiration by approximately 50%. Moreover, PH alleviated damage to the photosynthetic system in algal cells after Pb stress. After exposure to 200–2000 μg L−1 Pb, higher Pb2+ concentrations and Pb removal were observed in the PL medium. However, under exposure to 5000 μg L−1 Pb, less Pb2+ was present but more Pb was removed by the algal cells in the PH medium. More P supply enhanced the secretion of extracellular fluorescent substances by C. reinhardtii. Transcriptomic analysis showed that genes associated with synthesis of phospholipids, tyrosine‐like proteins, ferredoxin, and RuBisCO were up‐regulated after Pb exposure. Together the findings of our study demonstrated the critical roles of P in Pb accumulation and resistance in C. reinhardtii. Environ Toxicol Chem 2023;00:1–11. © 2023 SETAC