Rare-earth elements are released into the aquatic environment as a result of their extensive use in industry and agriculture, and they can be harmful for living organisms. The effects of holmium(III), erbium(III), and gadolinium(III) when added to a growth medium in concentrations ranging from 10 to 30 mg/L on the accumulation ability and biochemical composition of Arthrospira platensis were studied. According to the results of a neutron activation analysis, the uptake of elements by cyanobacteria occurred in a dose-dependent manner. The addition of gadolinium(III) to the growth medium did not significantly affect the amount of biomass, whereas erbium(III) and holmium(III) reduced it up to 22% compared to the control. The effects of rare-earth elements on the content of proteins, carbohydrates, phycobiliproteins, lipids, β carotene, and chlorophyll a were evaluated. The studied elements had different effects on the primary biomolecule content, suggesting that holmium(III) and erbium(III) were more toxic than Gd(III) for Arthrospira platensis.