Elections to Lambeth London Borough Council were held on 2 May 2002. The whole council was up for election with boundary changes reducing the number of councillors by one since the last election in 1998. Labour despite having the largest number of votes with 36.6% of the vote, it still lost 13 seats, while the Liberal Democrats and the Conservative Party gained seats, resulting in Labour losing control of the Council and no party having a majority.
Following the election, the Liberal Democrats and Conservatives formed a coalition to run the council with Cllr Peter Truesdale, Liberal Democrat, as Leader and Cllr John Whelan, Conservative, as Deputy Leader.