The present review critically examines the advancements in the past 5 years regarding research on the bioavailability and toxicity of the nanoplastics (NPLs) to freshwater plankton. We discuss the recent progress in the understanding of adsorption, absorption, trophic transfer, and biological effects in phyto- and zooplankton induced by NPLs exposure. The influence of plankton on NPLs’ bioavailability via the excretion of biomolecules and formation of eco-corona is also examined. Despite important research developments, there are still considerable knowledge gaps with respect to NPLs’ bioavailability and trophic transfer by plankton as well as a potential adverse effect in natural aquatic systems. As plankton play a critical role in primary production, nutrient cycling, and food web structure, understanding the interactions between NPLs and plankton is essential in assessing the potential implications of NPLs pollution for aquatic ecosystem biodiversity and services.