The escalating occurrence of toxic cyanobacterial blooms worldwide is a matter of concern. Global warming and eutrophication play a major role in the regularity of cyanobacterial blooms, which has noticeably shifted towards the predomination of toxic populations. Therefore, understanding the effects of cyanobacterial toxins in aquatic ecosystems and their advantages to the producers are of growing interest. In this paper, the current literature is critically reviewed to provide further insights into the ecological contribution of cyanotoxins in the variation of the lake community diversity and structure through interspecies interplay. The most commonly detected and studied cyanobacterial toxins, namely the microcystins, anatoxins, saxitoxins, cylindrospermopsins and β-N-methylamino-L-alanine, and their ecotoxicity on various trophic levels are discussed. This work addresses the environmental characterization of pure toxins, toxin-containing crude extracts and filtrates of single and mixed cultures in interspecies interactions by inducing different physiological and metabolic responses. More data on these interactions under natural conditions and laboratory-based studies using direct co-cultivation approaches will provide more substantial information on the consequences of cyanotoxins in the natural ecosystem. This review is beneficial for understanding cyanotoxin-mediated interspecies interactions, developing bloom mitigation technologies and robustly assessing the hazards posed by toxin-producing cyanobacteria to humans and other organisms.