Algal blooms pose serious threats to water environments and the balance of aquatic ecosystems. Moreover, environmental factors may be the primary driver of bloom outbreaks. Studying the characteristics and driving factors of the evolution of cyanobacterial blooms can provide a scientific basis for the restoration of lake water environments and aquatic ecosystems. Based on the Landsat extended time series and practical ecological investigation, this study determined the bloom area and dominant species of cyanobacterial blooms in Hulun Lake, and analyzed their evolution characteristics and primary influencing factors. The results show that the area of bloom outbreak tended to decrease from 2018 to 2020, with the peak area remaining below 150 km2; in contrast, the bloom area showed an increasing trend in 2021–2022, with a maximum of 1970.55 km2 in June 2022. Pearson correlation analysis of bloom area and driving factors showed that the wind speed was the main influencing factor of bloom outbreaks. In 2022, there were five dominant species of cyanobacteria in summer and three in autumn. Redundancy analysis of the dominant species of cyanobacteria and water quality indicators showed that COD, DO, TP, WT, pH, and TN were the main influencing factors of the dominant species of cyanobacteria in summer, and COD, DO, TP, and WT were the main influencing factors in autumn. In general, cyanobacteria in Hulun Lake are sensitive to changes in wind speed and nutrient concentration. An important approach towards effectively reducing the intensity of cyanobacterial blooms in Hulun Lake and coping with the ecological risks associated with the changing environment would be to reduce external loads and regulate the ecosystem structure of the lake. In the future, while studying the law of cyanobacterial bloom outbreaks, attention should be paid to the impact of the cyanobacterial physiological status on bloom outbreaks.