As an important group of widespread organic substances in aquatic ecosystems, dissolved organic matter (DOM) plays an essential role in carbon recycling and transformation processes. The photochemical behavior of DOM is one of the main ways it participates in these processes, and it attracts extensive attention. However, due to a variety of sources and water conditions, including both freshwater and seawater environments, the photochemical properties of DOM exhibit great differences. Nowadays, a large number of studies have focused on the generation process of reactive species (RS) from sunlit DOM, while little effort has been made so far to provide a comprehensive summary of the photochemical behavior of DOM, especially in fresh and saline aquatic ecosystems. In this review, we analyzed the research hotspot on DOM photochemistry over the last 30 years, summarizing the generation of photoreactive species in natural water environments containing DOM (both freshwater and seawater) and listing the main factors affecting the rate, yield, and species of RS photoproduction. Compared with freshwater, seawater has unique characteristics such as high pH value, high ionic strength, and halide ions, which affect the photogeneration of RS, the photoconversion process, as well as the reaction pathways of various environmental substances. In general, DOM-induced surface water photochemistry has important impacts on the environmental transformation and toxic effects of aquatic pollutants and can even contribute significantly to the Earth’s carbon cycle, which would have potential implications for both human and ecological health.