The valorization of Spirulina as a potential biosorption material to treat contaminated wastewater was evaluated. Batch experiments were conducted to study the influence of pH value and ionic strength on the biosorption capacity of Spirulina. Higher removal capacity was observed at pH 5.2, while higher ionic strength was found to result in lower adsorption capacity, which suggests that ion exchange is a relevant mechanism for Pb (II) adsorption on Spirulina. The immobilization of Spirulina on alginate beads was found not only to increase the adsorption capacity, but also to overcome limitations such as unacceptable pressure drops on column systems. The Langmuir model was the most appropriate model to describe the biosorption equilibrium of lead by free and immobilized Spirulina. The experimental breakthrough curves were evaluated using the Thomas, Bohart-Adams, and dose-response models. The experimental results were most properly described by the dose-response model, which is consistent with previous results. The adsorption capacity of Spirulina was found to increase linearly with the influent lead concentration (in the range 4−20 mg L−1) at 1.6 mL min−1 flow rate. Batch and column experiments were compared to better understand the biosorption process. The promising results obtained indicate the potential use of Spirulina immobilized on alginate beads to treat industrial wastewater polluted with toxic metals.