Cyanophage is a kind of planktonic viruses with cyanobacteria as host in the environment. Because it can specifically lytic cyanobacteria cells, it has become an effective biological regulator of cyanobacteria population density and has been discussed as a potential biological treatment scheme for cyanobacteria bloom. The interaction mechanism between cyanophage and cyanobacteria can reduce the abundance of host cells, change the composition of plankton community, and promote the biogeochemical cycle of key life elements such as carbon, nitrogen and phosphorus in water. This paper reviews cyanophage isolated in different water bodies in recent 60 years, summarizes the infection mechanisms of cyanophage, and focuses on the adjustment of cyanophage in cyanobacteria population. The effects of cyanobacteria lysis by cyanophage on nutrient cycling and plankton community changes in aquatic ecosystem are analyzed, and the ecological effects of cyanophage on the regulation of cyanobacteria bloom are evaluated. However, it should be pointed out that there are still great challenges in the practical environmental treatment application of cyanophage. For example, cyanophage is easy to coexist with cyanobacteria in water, and the change trend of cyanotoxins in water after cyanophage infecting still needs to be further explored. This review will contribute to a more comprehensive understanding of cyanophage and evaluate the regulatory effect of cyanophage on cyanobacteria community structure and the process of material circulation in water.