The physiological behaviour of Arthrospira (Spirulina) maxima during acclimation to sudden changes in irradiance from high (HL) to low light (LL) and vice versa was studied by following parameters concerning growth rate, pigment, carbohydrate and protein cell contents. Applying first order kinetics, the specific acclimation rates for the parameters considered were calculated. During HL to LL shift, pigments increased to compensate for a reduction in growth irradiance in order to maintain relatively high growth rates, whereas carbohydrates decreased at the highest rate. The synthesis of phycobiliproteins proceeded at a rate similar or little higher than that of chlorophyll a, indicating their importance in the light harvesting at low irradiance. During LL to HL shift, carbohydrate biosynthesis was increased, whereas pigment and protein cell contents decreased. The kinetic analysis suggested that the pigment decrease could be accounted for both by dilution through growth and in vivo degradation. During this transition, the initially high cell pigment content gave rise to a very heavy carbohydrate synthesis, which for a short time, after the shift to HL conditions, overshot the final steady-state. In the same period the specific growth rate also increased notably, overshooting the µmax. The acclimation rates of the measured parameters were faster during LL to HL transition then during the reverse. The physiological response of A. maxima during the acclimation to sudden irradiance shifts points out the ability of this cyanobacterium to alter light harvesting and highlights again the key role of carbohydrates when the cells underwent an energy crisis during down-shift.