Nodularin is a cyclic pentapeptide hepatotoxin produced by Nodularia spumigena. It's toxicity and carcinogenicity to terrestrial animals and human beings has been confirmed by many studies. It has been subjected to the extensive concern of the society for its impact on the structure and function of aquatic ecosystem and the threats to different kinds of organisms including terrestrial plants and aquatic animals. The molecular structure, detection methods and production of nodularin are sketched. Recent progresses and perspectives in the study of environmental fates and toxic effects are viewed and discussed. Finally, the promising study about nodularin in the future is also proposed.