17α-Ethinylestradiol(EE2) is a common hormone drug that plays an essential role in endocrine and reproductive health. However, estrogens are degraded only to a limited extent by humans and livestock themselves, and most of them are excreted in undegraded or partially degraded form from human and livestock feces and urine into water bodies, posing a austere ecological risk. Of the known degradation processes in wastewater treatment plants, ozone-induced advanced oxidation shows tremendous potential. At the same time, the limitations of the test methodology makes it extremely difficult to do an in-depth investigation of the degradation mechanism. In this study, the influencing factors, including ozone dose, initial concentration, and pH were investigated. The degradation pathways of EE2 were analyzed by combing with quantum chemical calculations and high performance liquid chromatography coupled with quadrupole-time of flight tandem mass spectrometry (HPLC-Q-TOF-MS). Toxicity Estimation Software Tool (T.E.S.T) evaluated EE2 and its degradation intermediates for a variety of toxicities. And the results showed that reactions such as oxidative hydroxylation of the benzene ring and oxidative ring opening of the aliphatic ring mainly occurred during the degradation of estrogens, and the reaction was initially fast. The degradation effect is lower under neutral conditions, and the acidity and alkalinity of the solution are reduced with the reaction process under strong acid and alkaline conditions. The products of the experimental reactions reflect the active site, e.g., product P1 reflects C(5) as the site of easy reaction, which is consistent with previous theoretical predictions, suggesting that theoretical studies can provide complementary information on oxidation. The toxicity of intermediates obtained from partial ozone degradation improved compared to EE2, and the mutagenicity of EE2 was elevated greatly. However, single ozonation significantly diminished the developmental toxicity and bioaccumulation factor for a large proportion of intermediates. This work may contribute to the theoretical foundation for the practical application of ozone oxidation of environmental estrogens.