Arthrospira platensis, a well-known cyanobacterium, is widely applied not only in human and animal nutrition but also in cosmetics for its high amounts of active products. The biochemical composition plays a key role in the application performance of the Arthrospira biomass. The present study aimed to evaluate the growth and biochemical composition characteristics of A. platensis, cultured with a nitrogen-free and seawater-supplemented medium in an outdoor raceway pond in winter. The results showed that the biomass yield could achieve 222.42 g m−2, and the carbohydrate content increased by 247% at the end of the culture period (26 d), compared with that of the starter culture. The daily and annual areal productivities were 3.96 g m−2 d−1 and 14.44 ton ha−1 yr−1 for biomass and 2.88 g m−2 d−1 and 10.53 ton ha−1 yr−1 for carbohydrates, respectively. On the contrary, a profound reduction was observed in protein, lipid, and pigment contents. Glucose, the main monosaccharide in the A. platensis biomass, increased from 77.81% to 93.75% of total monosaccharides. Based on these results, large-scale production of carbohydrate-rich A. platensis biomass was achieved via a low-cost culture, involving simultaneous nitrogen deficiency and supplementary seawater in winter.