As algae are extremely sensitive to heavy-metal ions and can be critical biological indicators in the heavy-metal toxicity analyses conducted by environmental health researchers, this paper explores the sensitivity to temporal toxicity of three species of green algae: Scenedesmus obliquus, Chlorella pyrenoidosa, and Selenastrum capricornutum. The method of time-dependent microplate toxicity analysis was used to systematically investigate the changes in the toxicities of the three green-algae species induced by different concentrations of cadmium (Cd). The chlorophyll a content, antioxidant enzyme activity, and malondialdehyde (MDA) content in the algae were analyzed to explore the mechanism of Cd toxicity after 96 h of exposure. The results showed that the toxic effects of Cd on the three algae species were time-dependent. By comparing the toxic effect of Cd, indicated by pEC50 (the negative logarithm of EC50), on the algae species at four durations of exposure (24, 48, 72, and 96 h), this study found that the indicator organisms had different sensitivities to Cd. The order of sensitivity was C. pyrenoidosa > S. obliquus > S. capricornutum. Cd exposure had significant effects on the chlorophyll a and MDA content and on the enzyme activity of superoxide dismutase (SOD) and catalase (CAT) in the algae species. The chlorophyll a content in the cells of the algae decreased with increasing Cd concentration. The enzyme activity of CAT and content of MDA increased with increasing Cd concentration, which indicated that Cd had an oxidative stress effect on the three algae species.