Phosphorus (P) is responsible for algal growth and the structural changes in algal communities. Therefore, it is essential to know whether the different phosphorus availability to different algae can change the community structure. In this study, the interspecific competition was investigated at two bloom-forming cyanobacterium, Cylindrospermopsis raciborskii and Microcystis aeruginosa, when both were treated with five different phosphate compounds, including K2HPO4, β-glycerol phosphate, (2-aminoethyl)-phosphinic acid, glyphosate, and P-free. The results of mono-culture experiments showed that the two species could utilize the dissolved organic phosphorus (DOP) and K2HPO4 (DIP) as the sole P resource. Moreover, the specific growth rates and the endogenous alkaline phosphatase activity in M. aeruginosa cells were much lower than those in C. raciborskii under DOP and DIP treatments. In the co-cultured experiments, however, a significant biomass increase in C. raciborskii was observed in all experimental P treatments, except for glyphosate, regardless of its initial cell density proportion. A 31.8-63.4% increase in cell number of C. raciborskii was found after incubated into K2HPO4, while the highest biomass of mixed samples, 17.72 × 106 cell mL-1, was observed in the (2-aminoethyl)-phosphinic acid treatment (50C50M). Additionally, higher specific growth rate was also found in C. raciborskii when compared with M. aeruginosa under P-free; the increasing proportion of C. raciborskii were 29.1% (50C50M), 16.4% (75C25M), and 36.7% (25C75M), respectively. When the mixed samples were co-cultivated under glyphosate, C. raciborskii cells appeared to be depressed, whereas the cell density of M. aeruginosa increased rapidly. The findings indicated that an excellent P competition might give some advantages for C. raciborskii dominance in natural waters with DIP limitation or DOP abundance.