Pyocyanin (PYO) is a blue-green phenazin, specifically produced by the opportunistic bacterium Pseudomonas aeruginosa (Pa). Aerobic toxicity of PYO toward mammalian cells, yeast and bacteria has been known for a long time, but the understanding of its mechanisms of action remains unclear, especially in conditions of limited O2 (conditions encountered during infection). In addition, it has recently been shown that PYO can bring benefits to the producer strain under hypoxia. In this study, we reexamined the effects of PYO toward a large panel of bacteria including its own producer Pa as well as a model of eukaryotic cells Saccharomyces cerevisiae exposed to different oxygen tensions. Our results suggest that the aerobic toxicity of PYO toward S. cerevisiae is multifactorial: involving both interaction with the respiratory chain at the level of complex III and induction of oxidative stress. For the first time, we have shown that PYO exerts an increased toxicity toward the eukaryotic cell, S. cerevisiae under anaerobiosis. The mechanism could involve the production of PYO radical. We have also shown that PYO can inhibit the aerobic and anaerobic growth of competing microorganisms, especially S. aureus by blocking the complex III of the respiratory chain. Conversely, PYO can stimulate the respiration of Pa, in mainly in conditions similar to those encountered during infection (hypoxia, slowed growth). The complex III and/or the cbb3 oxidases could be favorably involved. To conclude, PYO could act as a hypoxic poison as well as a redox shuttle beneficial for the survival and the virulence of Pa under hypoxia.