Progress in this field in developed countries and China was reviewed and the prospects were also presented in this paper. Based on the water quality standards and discharge standards, the chemical-specific approach in common use could not effectively control complex discharges containing toxic organics. Therefore, applying this traditional approach only was not a valuable measure. Toxicity-based approach could be used at the same time to supply the gap for the control of complex discharges containing toxic organics effectively based on the requirements of ecological risk management. Toxicity identification evaluation (TIE) for identifying the key toxicants causing the effluent ecotoxicity was a core of the ecological risk management of point sources of toxics. The prospects were also described for the development of TIE methodology and the application of toxicity-based approach to the ecological risk management of point sources of toxicants in aquatic environment in China.