Pseudomonas aeruginosa is a bacterium producing industrially utile metabolites, such as rhamnolipids, biopolymers, and pigments. Pyocyanin, the most studied example of pigments, is a virulence factor that also shows the potential for application in, e.g., agriculture, anticancer therapy, and energy production. Therefore, potential inhibitors and stimulants of pyocyanin production by P. aeruginosa should be studied, and nanomaterials may cause both effects. The study aimed to examine the influence of zinc oxide and multi-walled carbon nanotubes (pristine or dispersed with alginic acid) on pyocyanin production by P. aeruginosa . First, the influence of different concentrations of nanomaterials (500.00–0.06 µg/mL) on culture optical density and biofilm formation was studied. These results helped select concentrations for further tests, i.e., growth curves and fluorescence measurements. Pyocyanin production was assessed by the chloroform–hydrochloric acid method. SEM analysis was conducted to assess the influence of nanomaterials on the cell's integrity and biofilm structure. Pristine multi-walled carbon nanotubes exhibited a stimulative effect on pigment production when applied in high concentrations (500.00 µg/mL), while dispersed material enhanced the production in lowered dosages (125.00 µg/mL). On the other hand, high concentrations of zinc oxide inhibited pyocyanin production, while minor increased bioproduct production. The research indicates the potential to use nanomaterials as the modulators of pyocyanin production and other metabolites.