The optical properties, i.e., absorption and scattering spectra of ten strains of cyanobacteria from the Baltic Sea and Pomeranian lakes (Aphanizomenon flos-aquae KAC 15, Microcystis aeruginosa CCNP 1101, Anabaena sp. CCNP 1406, Synechocystis salina CCNP 1104, Phormidium sp. CCNP 1317, Nodularia spumigena CCNP 1401, Synechococcus sp. CCNP 1108, Nostoc sp. CCNP 1411, Cyanobacterium sp. CCNP 1105, Pseudanabaena cf. galeata CCNP 1312) grown under low light conditions were investigated. Moreover, the chlorophylls, carotenoids, and phycobilin composition as well as the size structure of chosen cyanobacteria were measured. Studied species revealed high diversity both in optical properties with the absorption spectra similarity index ranging from 0.67 to 0.94 and the pigment composition. The chlorophyll-specific absorption coefficient at 440 nm aph*(440) varied between 0.017 and 0.065 m2 mg−1. The influence of the package effect was only observed in the case of large filamentous cyanobacteria like N. spumigena or Nostoc sp. Interestingly, the package effect factor Qa*(675) for large-celled Anabaena sp. was 0.92. Besides chlorophyll a, only echinenone, β-carotene, and phycocyanin were present in all analyzed cyanobacteria strains. Zeaxanthin, which is widely used as a marker pigment for cyanobacteria, was absent in the toxic N. spumigena and Anabaena sp., which are the species that occur in the Baltic Sea most frequently causing summer cyanobacterial blooms. The investigation also showed that the sample preservation technique can introduce some major errors within the absorption band affected by the phycocyanin absorption.