The effects of the heavy metals copper (Cu) and lead (Pb) on Sargassum cymosum were evaluated by determining uptake capacity, growth rates, photosynthetic efficiency, contents of photosynthetic pigments and phenolic compounds, 2,2-diphenyl-1-picrylhydrazyl radical-scavenging capacity, and morphological and cellular changes. S. cymosum was cultivated with Cu and Pb separately and combined at concentrations of 10, 25, and 50 μM for 7 days in laboratory-controlled conditions. Seaweeds under Cu treatment showed the highest biosorption capacity, and growth rates were significantly reduced compared to the control. The photosynthesis/irradiance curves showed alterations in kinetic patterns in the metal-treated samples. Specifically, Cu treatment alone inhibited electron transport rate (ETR) response, while Pb alone induced it. However, samples treated with both Cu and Pb (Cu + Pb) showed inhibition in ETR. The total amount of pigments increased relative to control. Light microscopy showed an increase in phenolic compounds, with physodes migrating towards cortical cells. Scanning electronic microscopy revealed alterations in the typical rough surface of thallus, when compared with control, especially for Pb treatments. Based on these results, it could be concluded that Cu and Pb are stress factors for S. cymosum, promoting alterations in seaweed metabolism and stimulating protective mechanisms against oxidative stress. However, the high bioaccumulation capacity of both heavy metals indicates a possible application for S. cymosum as a biosorbent agent for contaminated wastewater when metals are in low concentrations.