In this paper, we discuss the cycle theory on moduli spaces F h of h-polarized hyperkähler manifolds. Firstly, we construct the tautological ring on F h following the work of Marian, Oprea and Pandharipande on the tautological conjecture on moduli spaces of K3 surfaces. We study the tautological classes in cohomology groups and prove that most of them are linear combinations of Noether-Lefschetz cycle classes. In particular, we prove the cohomological version of the tautological conjecture on moduli space of K3 [n] -type hyperkähler manifolds with n ≤ 2. Secondly, we prove the cohomological generalized Franchetta conjecture on universal family of these hyperkähler manifolds.