Prochlorococcus is ubiquitous in tropical oceans, but its biogeochemical role is not well constrained. For example, cultured Prochlorococcus clones do not grow on NO3−, but these cultured clones may only represent 10–15% of the natural population variance resulting in a biased biogeochemical role. We report NO3−, NO2−, NH4+ and urea uptake rates for flow‐cytometrically sorted Sargasso Sea Prochlorococcus populations. Reduced nitrogen substrates accounted for most, 90–95%, of the measured nitrogen uptake, but these populations also directly assimilate a significant fraction of NO3−, 5–10%; a finding in stark contrast to conclusions drawn from culture studies. The observed population‐specific NO3− uptake rates compare favorably with both net Prochlorococcus population growth rates and diapycnal NO3− fluxes. We hypothesize that while reduced nitrogen supports overall high growth rates, balancing high grazing mortality, the net seasonal Prochlorococcus population growth is supported by NO3− assimilation and that Prochlorococcus contributes to new production in the oligotrophic ocean.