The red alga Gracilaria lemaneiformis was cultured under different CO2 and phosphorus conditions for 16 days, and its growth, photosynthesis and uptake of nitrate and phosphate were examined in order to establish the longer-term impacts of elevated CO2 and phosphorus supplies on this economically important seaweed. Enrichment with either CO2 or phosphorus in culture markedly increased the growth of G. lemaneiformis compared to the control. Light-saturated photosynthetic rate was enhanced significantly by phosphorus enrichment, but hardly affected by the elevation of CO2 when G. lemaneiformis was grown under low phosphorus conditions. High phosphorus stimulated photosynthetic inorganic carbon utilization and nitrogen uptake. Under low phosphorus conditions, the thalli grown at the high level of CO2 had a lower carbon utilization capacity and a higher nitrogen uptake rate compared to those grown under ambient CO2. Reversed results were found when the algae were grown under high phosphorus conditions. Hence, available phosphorus may regulate inorganic carbon utilization of G. lemaneiformis grown at different CO2 levels, and growth reflected a balance between carbon and nutrient metabolism. Chinese 973 Projects [2009CB421207]; National Natural Science Foundation of China [30970450, 30670396]; Chinese 863 Projects [2006AA10A416]