Owing to their diverse applications, TiO2-nanoparticles have been extensively discharged into the aquatic environment, posing serious threats to aquatic life and human health. Meanwhile, the aquatic organisms such as cyanobacteria affect the mobility and fate of the nanoparticles, in turn, these aquatic organisms also may be influenced by the nanoparticles, and which further elicits more hazard to ecosystem. In this study, the different concentration of TiO2 nanoparticles were added into the algal solution to observe the status of TiO2 nanoparticles and assess their influences, especially for photocatalytic toxicity on algal growth. The results demonstrated that algal cells and extracellular polymeric substances (EPS) simultaneously affected the TiO2 aggregation and settling in algae culture. In addition, TiO2 NPs inhibited the growth of algal cells through the multiple effects on the light adsorption, photosynthetic activity, oxidative stress and lipid peroxidation. Particularly, the reactive oxygen species generated by photoactive TiO2 NPs caused the changes of EPS and microcystin-LR (MC-LR) release, and these extracellular matters were crucial intermediate to the state of TiO2 NPs and algal cells growth. This study will not only be significant for understanding TiO2 behavior in the real aquatic environment but also be helpful for exploring the effects of TiO2 nanoparticles on cyanobacteria, especially for the released extracellular matters.