Nitrogen (N) and phosphorus (P) limitations induce triacylglycerol (TAG) accumulation and membrane lipid remodelling in the marine diatom Phaeodactylum tricornutum. However, a clear understanding of the metabolic reorientation is still lacking. Carbon partitioning is of great interest because this microalga produces various highly valuable molecules such as lipids and polyunsaturated fatty acids. This study compared growth, photosynthetic activity, biochemical and transcriptional responses of P. tricornutum throughout batch culture under N or P limitation. The integrated results show that the photosynthetic intensity was greatly reduced under N or P limitation. Under N limitation, the degradation and re-use of cellular N-containing compounds contributed to TAG accumulation, whilst P limitation favoured TAG accumulation due to the efficiency of carbon fixation, without massive degradation of essential compounds at cellular level. There was no difference in the partitioning of carbon to neutral lipids between N and P limitation. Substitution of phospholipids with betaine lipids appeared to be a P-specific acclimation strategy in P. tricornutum, which was largely regulated at the gene expression level. Betaine lipid synthesis was induced by P limitation. The lipid remodelling began once the medium became deficient in P. While the phospholipid biosynthesis pathway was not completely inhibited, a shift of lipid classes occurred immediately after their synthesis via phospholipid-recycling mechanisms.