The process of selenium uptake by biomass of the cyanobacterium Arthrospira (Spirulina) platensis was investigated by neutron activation analysis at different selenium concentrations in solution and at different contact times. Experimental data showed good fit with the Freundlich adsorption isotherm model, with a regression coefficient value of 0.99. In terms of absorption dependence on time, the maximal selenium content was adsorbed in the first 5 min of interaction without significant further changes. It was also found that A. platensis biomass forms spherical selenium nanoparticles. Biochemical analysis was used to assess the changes in the main components of spirulina biomass (proteins, lipids, carbohydrates, and phycobilin) during nanoparticle formation.