Abstract: An investigation was conducted on the phytoplankton, zooplankton, and fish at 8 sampling sections in the Manwan Reservoir before and after the construction of Xiaowan Hydropower Dam. The modified ESHIPPO model was applied to study the changes of the featured aquatic species, including endangered species, endemic species, resource species, and native fish, aimed to make an ecological risk assessment of the dam construction on the aquatic species. The dam construction had definite ecological risk on the aquatic species, especially the endemic fish, in Langcang River, due to the changes of hydrological conditions. The endemic species including Bangia atropurpurea, Lemanea sinica, Prasiola sp., Attheyella yunnanensis, and Neutrodiaptomus mariadvigae were at high ecological risk, and thus, besides monitoring, protection measures were needed to be taken to lower the possibility of the species extinction. The widely distributed species of phytoplankton and zooplankton were at medium ecological risk, and protection measures besides monitoring should be prepared. Twelve kinds of native fish, including Barbodes huangchuchieni, Sinilabeo laticeps, Racoma lantsangensis, Racoma lissolabiatus, Paracobitis anguillioides, Schistura latifasciata, Botia nigrolineata, Vanmanenia striata, Homaloptera yunnanensis, Platytropius longianlis, Glyptothorax zanaensis, and Pseudecheneis immaculate, were at high ecological risk, and protection measures needed to be developed to prevent the possibility of the species loss and extinction.