Quantitative assessment of physiological condition of retinal photoreceptors is desirable for better detection and treatment evaluation of eye diseases that can cause photoreceptor dysfunctions. Functional intrinsic optical signal (IOS) imaging, also termed as optoretinography (ORG) or optophysiology, has been proposed as a high-resolution method for objective assessment of retinal physiology. Fast IOS in retinal photoreceptors shows a time course earlier than that of electroretinography a-wave, promising an objective marker for noninvasive ORG of early phototransduction process in retinal photoreceptors. In this article, recent observations of fast photoreceptor-IOS in animal and human retinas are summarized, and the correlation of fast photoreceptor-IOS to five steps of phototransduction process is discussed. Transient outer segment conformational change, due to inter-disc space shrinkage correlated with activation phase of phototransduction, has been disclosed as a primary source of the fast photoreceptor-IOS. Impact statement As the center of phototransduction, retinal photoreceptors are responsible for capturing and converting photon energy to bioelectric signals for following visual information processing in the retina. This article summarizes experimental observation and discusses biophysical mechanism of fast photoreceptor-intrinsic optical signal (IOS) correlated with early phase of phototransduction. Quantitative imaging of fast photoreceptor-IOS may provide objective optoretinography to advance the study and diagnosis of age-related macular degeneration, retinitis pigmentosa, diabetic retinopathy, and other eye diseases that can cause photoreceptor dysfunctions.