Conditioned medium (CM) containing algal exudates released by cells of Desmodesmus subspicatus (green microalga) enhanced proliferation of the producer in a dilution-dependent manner, and twofold diluted CM (CM/ 2) appeared to be the most effective. Asynchronous and synchronized by light/dark regime (14/10 h) cultures of D. subspicatus were used to explain the effects of CM/2 on photosynthesis as well as growth and reproductive processes of cell cycle of the producer. During the light period, all control cells attained three commitment points (CP) triggering the reproductive processes and 20% of them, additionally the fourth one. This resulted in the formation of mainly eight and partly 16 autospores released from the parent cell during the dark period of the cell cycle. CM/2 markedly increased the number of cells that attained the fourth CP. Chlorophyll a fluorescence parameters, measured by OJIP test (O, J, I, and P-different steps of fluorescence induction curve), were applied to explain stimulatory effect of CM/2 on the rate of oxygen evolution. The number of cells as well as the parameter of their "vitality" (P.I) determined by OJIP analysis were equally enhanced by CM/2. The maximum yield of electron trapping and transport, as well as the fraction of active reaction centers, was also significantly higher in CM/2. The cells quickly produced and released CM factor (CMF) to the culture medium; its highest activity was observed in the middle light phase of the cell cycle. Dialysis, ion exchange chromatography, and solid-phase extraction with C 18 allowed reproducible extraction of the active compound from CM. Subjecting the extract to reverse-phase highperformance liquid chromatography led to one active fraction eluted as a peak with the shortest retention time indicating its hydrophilicity.