Abstract Nitrogen (N) scarcity is a frequently encountered situation that constrains global biomass productivity. In response to N deficiency, cell division stops and photosynthetic electron transfer is downregulated, while carbon storage is enhanced. However, the molecular mechanism downregulating photosynthesis during N deficiency and its relationship with carbon storage are not fully understood. The Proton Gradient Regulator-like 1 (PGRL1) controlling cyclic electron flow (CEF) and Flavodiiron proteins involved in pseudo-(CEF) are major players in the acclimation of photosynthesis. To determine the role of PGRL1 or FLV in photosynthesis under N deficiency, we measured photosynthetic electron transfer, oxygen gas exchange and carbon storage in Chlamydomonas pgrl1 and flvB knockout mutants. Under N deficiency, pgrl1 maintains higher net photosynthesis and O 2 photoreduction rates, while flvB shows a similar response compared to control strains. Cytochrome b 6 f and PSI are maintained at a higher abundance in pgrl1 . The photosynthetic activity of flvB and pgrl1 flvB double mutants decreases in response to N deficiency similar to the control strains. Furthermore, the preservation of photosynthetic activity in pgrl1 is accompanied by an increased accumulation of triacylglycerol depending on the genetic background. Taken together, our results suggest that in the absence of PGRL1-controlled CEF, FLV-mediated PCEF maintains net photosynthesis at a high level and that CEF and PCEF play antagonistic roles during N deficiency. It further illustrates how nutrient status and genetic makeup of a strain can affect the regulation of photosynthetic energy conversion in relation to carbon storage and provides new strategies for improving lipid productivity in algae. Significance statement Nitrogen (N) deficiency, an often-encountered phenomenon in nature, results in growth arrest, downregulation of photosynthesis and massive carbon storage in microalgae. However, more mechanistic insights involved in tuning photosynthetic electron transfer during N deficiency are required. Here, we provide evidence that a well-conserved protein in chlorophytes, the Proton Gradient Regulator-like 1 (PGRL1), is a key regulator of photosynthesis during N deficiency. In its absence, cells exhibited sustained photosynthesis thanks to the Flavodiiron (FLV) proteins. We propose that both PGRL1 and FLV, by having antagonistic roles in N deficiency, manage the redox landscape, carbon storage and biomass production. Our work revolves around the current paradigm of photosynthesis regulation during N deficiency and provides a new framework for improving biomass production and carbon storage in microalgae for biotechnological purposes.