In this study, microalgae Arthrospira platensis (A. platensis) mutants induced by ethyl methane sulfonate (EMS) and further selection for resistance of cerulenin, a potent inhibitor of fatty acid synthase, were characterized. The mutants selected by $2{mu}M$, $5{mu}M$ and $10{mu}M$ of cerulenin were designated EC2, EC5 and EC10, respectively. Under normal growth conditions, the mutants and parental strain exhibited similar growth pattern. The mutants of A. platensis showed enhanced lipid accumulation and phycobiliproteins (phycoerythrin, phycocyanin). The lipid content of mutants EC2 and EC5 was about 4.4 and 4.8-fold higher than wild type. The phycoerythrin and phycocyanin content of mutants EC2 and EC5 was increased about 1.5 and 6.9-fold and 1.4 and 3.8-fold, respectively, compared to the wild type. The chlorophyll and carotenoid content of mutants was slightly increased. The high lipid and pigment contents exhibited by A. platensis mutants would make an excellent candidate for the production of commercially interesting biologically active compounds.