Most recently, theoretical calculations predicted the stability of a novel two-dimensional phosphorus honeycomb lattice named blue phosphorus. Here, we report on the growth of blue phosphorus on Au(111) and unravel its structural details using diffraction, microscopy and theoretical calculations. Most importantly, by utilizing angle-resolved photoemission spectroscopy we identify its momentum-resolved electronic structure. We find that Au(111) breaks the sublattice symmetry of blue phosphorus leading to an orbital-dependent band renormalization upon the formation of a (4 × 4) superstructure. Notably, the semiconducting two-dimensional phosphorus realizes its valence band maximum at 0.9 eV binding energy, however, shifted in momentum space due to the substrate-induced band renormalization.