2-Methylisoborneol (MIB) is a notorious musty odorant in drinking water systems, produced by cyanobacteria during the biosynthesis of photosynthetic pigments. This study investigated the physiological adaptation of Pseudanabaena cinerea, a phycoerythrin (PE)-containing and MIB-producing cyanobacterium, by inducing chromatic acclimation under different light color. Our findings revealed that red light enhanced growth rates by stimulating the tricarboxylic acid (TCA) cycle and associated metabolic processes, while green light significantly increased photosynthetic pigment content and electron transport efficiency. MIB yield correlated nonlinearly with chlorophyll a (Chl a) content, modeled by a logarithmic-linear equation (R