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. The Labour party lost overall control of the council. 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.