Red phosphorus (P) represents one kind of high-capacity anodes for lithium ion batteries. Practical application of red P is primarily limited by its low conductivity, severe volume expansion and consequent sluggish electrode kinetics. Herein, we propose a P-TiO2@CNT composite with TiO2-modified red P nanosheets well entangled in carbon nanotube (CNT) network. The co-incorporation of amorphous TiO2 and CNT can synergistically provide dual accommodation to red P, which not only allow its lithiation and volume expansion to exhibit high capacities, but also buffer the stress during red P expansion and avoid structural destruction. Meanwhile, the CNTs support a highly conductive skeleton and porous framework in the composite, which continuously provides high conductivity and creates more active sites for lithium storage during repeated electrochemical reactions. The P-TiO2@CNT electrode exhibits impressive cycling stability (87% capacity retention in 200 cycles at 0.2 A g−1) and excellent rate capability (750 mAh g−1 at 10 A g−1), making it a promising anode material for high-capacity and high-rate lithium-ion batteries.