In this study, biocontrol of harmful effect of cyanobacterial blooms and their toxins by “flocculation-biosorption” was achieved. Five fungal species were isolated from decayed cyanobacterial bloom which are: Aspergillus fumigatus, A. niger, Penicillium, Trichoderma ressei and Mucor rouxii. We chose the last species' pellets because they are the most stable and cocultured with Anabeana sp. (1:5 fungal: cyanobacteria ratio) of dry weight, Harvest Efficacy HE% by fungal pellets started after 12h of co-culturing about (4%) and almost complete harvesting after 48h with (98%), then we add 0.1g of Magnetite nano Fe₃o₄ to facilitate removing cyanobacterial blooms. Microcystin-LR extracted from Anabaena sp. were purified and collected by preparative high-performance liquid chromatography (HPLC) was 75.1 (µg ml^-1), M. rouxii pellet absorbed about 85% of Microcystin-LR after 72h of incubation at 25°C.