SummarySpecies traits can evolve rapidly in response to competition, influencing the diversity and productivity of communities. Metabolic and life history theories both predict how competition should affect metabolism, size, and demography. However, these predictions are based on indirect evidence from macroevolutionary patterns or among-species comparisons. Direct experimental tests are rare and mostly focused on single or pairs of species, so how species evolve in communities is unclear, particularly in eukaryotes. We use experimental evolution of eukaryotic marine phytoplankton to examine how metabolism, size, and demography coevolve under competition. Specifically, we compare the traits of a focal species that evolved either alone, with intraspecific competitors or with a community at two points in time. We find that the focal species evolved both size and metabolism under competition, which led to an increase in carrying capacity as in max. population density. These demographic changes were predicted by classic metabolic theory based on the species-specific scaling of metabolism with size. However, we also find important departures from theory. Evolution led to Pareto improvements in both population growth rate and carrying capacity, so the existence of classic r-K trade-offs seems less inevitable than what suggested by among-species comparisons. The finding that both intra- and inter-specific competition maximize carrying capacity through changes in size and metabolism could have important consequences for our ability to predict evolution in communities.