The transfer of toxic cyanobacterial Microcystis blooms from freshwater to estuaries constitutes a serious environmental problem worldwide that is expected to expand in scale and intensity with anthropogenic and climate change. The formation and maintenance of Microcystis in colonial form is conditioned to the presence of extracellular polymeric substances (EPS). In this study, we attempted to better understand how the mucilaginous colonial form of Microcystis evolves under environmental stress conditions. In particular, we studied and compared the production and the composition of EPS fractions (attached and free) from natural colonies of a Microcystis bloom and from a unicellular M. aeruginosa strain under salinity and nutrient stress (representing a land-sea continuum). Our results highlighted a greater production of EPS from the natural colonies of Microcystis than the unicellular one under nutrient and combined stress conditions dominated by the attached form. In comparison to the unicellular Microcystis, EPS produced by the colonial form were characterized by high molecular weight polysaccharides which were enriched in uronic acids and hexosamines, notably for the free fraction in response to increased salinities. This complex extracellular matrix gives the cells the ability to aggregate and allows the colonial cyanobacterial population to cope with osmotic shock.