Atmospheric aerosol deposition into the low latitude oligotrophic ocean is an important source of new nutrients for primary production. However, the resultant phytoplankton responses to aerosol deposition events, both in magnitude and changes in community composition, are poorly constrained. Here, we investigated this with 19 d of field and satellite observations for a site in the subtropical North Atlantic. During the observation period, surface dissolved aluminum concentrations alongside satellite‐derived aerosol and precipitation data demonstrated the occurrence of both a dry deposition event associated with a dust storm and a wet deposition event associated with strong rainfall. The dry deposition event did not lead to any observable phytoplankton response, whereas the wet deposition event led to an approximate doubling of chlorophyll a, with Prochlorococcus becoming more dominant at the expense of Synechococcus. Bioassay experiments showed that phytoplankton were nitrogen limited, suggesting that the wet deposition event likely provided substantial aerosol‐derived nitrogen, thereby alleviating the prevalent nutrient limitation and leading to the rapid observed phytoplankton response. These findings highlight the important role of wet deposition in driving rapid responses in both ocean productivity and phytoplankton community composition.