On 26 February 2017, the Kings traded Budaj, alongside Erik Černák and a 2017 7th-round pick to the Tampa Bay Lightning in exchange for goaltender Ben Bishop and a 2017 5th-round pick. Budaj finished the campaign with a 3–1–0 record in seven games with the Lightning. On 22 June 2017, Budaj signed a two-year, $2.05 million contract extension with the Lightning.