The biosorption and bioaccumulation of gadolinium by Arthospira platensis in batch experiments was examined. In biosorption experiments, the influence of pH, gadolinium concentration, time of contact and temperature on Arthospira platensis sorption capacity was investigated. The maximum biosorption capacity of 101 mg/g was attained at a pH of 3.0 and temperature of 20 °C. A pseudo-first-order model was applicable to describe the kinetics of the biosorption and the Freundlich model to explain the equilibrium of the process. In bioaccumulation experiments, besides the examination of the gadolinium uptake by Arthospira platensis, its effect on biomass productivity as well as the content of proteins, lipids, carbohydrates and pigments was assessed. The addition of gadolinium in the cultivation medium resulted in the increase in biomass productivity and the content of MDA and, at the same time, in the reduction in the amount of proteins and carbohydrates. The content of other monitored parameters did not change significantly. The water extracts obtained from Arthospira platensis showed a higher antiradical activity against the ABTS cation radical in comparison with ethanolic extracts. Arthospira platensis is of interest for the development of the technology of gadolinium-contaminated wastewater remediation.