Summary The coral‐dinoflagellate photosymbiosis and coral calcification underpin shallow water, coral reef ecosystems. This review examines the pivotal role of pH regulation in the cell physiology of these processes. Despite simple tissue organization, photosymbiotic corals maintain a complex internal microenvironment, with distinct compartments exhibiting contrasting pH levels. For example, the acidic ‘symbiosome’ surrounds the algal symbionts, while the alkaline ‘extracellular calcifying medium’ occurs at the growing front of the skeleton. We discuss how pH regulation of these compartments is crucial to the functioning of coral photosymbiosis and calcification, as well as mitigating the internal acid–base imbalances that these processes create. The role of pH regulation in the interplay between photosymbiosis and calcification is also discussed, focusing on the influence of symbiont photosynthesis on transepithelial gradients and the distribution of energy sources in the coral colony. Throughout this review, insights into pH regulation derived from previous research on ocean acidification are integrated to deepen understanding. Finally, we propose research priorities to advance knowledge of coral resilience under changing ocean conditions, such as investigating inorganic carbon concentration within coral compartments, species‐specific differences and the impacts of thermal stress on pH regulation.