Metal accumulation by Spirulina platensis from synthetic effluents with the following chemical composition: Cr/Fe, Cr/Fe/Ni, Cr/Fe/Ni/Zn, and Cr/Fe/Ni/Zn/Cu during repeated cultivation cycle was investigated. Metal ions in different concentrations were added to the culture medium at the exponential and stationary phases of biomass growth and their uptake by biomass was traced using neutron activation analysis. The effect of metal ions on biomass and main biochemical components (proteins, carbohydrates, lipids, phycobilins, and β-carotene) was monitored. S. platensis keeps high metal accumulation capacity during 2–3 cultivation cycles, while the metal ions were added in the stationary phase of its growth. By adding metals in the exponential phase of growth in the following concentrations: 10 mg/L of chromium (VI), 5 mg/L of iron, 2 mg/L of zinc, nickel, and copper, Spirulina platensis acted as renewable accumulator only in Cr/Fe system. It maintained the accumulation capacity during three cultivation cycles when exposed to lower concentrations of metal ions. Its ability to accumulate metal ions during several cultivation cycles was ensured by the maintenance of the optimal level of proteins and lipid in biomass.