The Nordic Seas and the Fram Strait regions are a melting pot of a number of water masses characterized by distinct optical water properties. The warm Atlantic Waters transported from the south and the Arctic Waters from the north, combined with the melt waters contributing to the Polar Waters, mediate the dynamic changes of the year-to-year large-scale circulation patterns in the area, which often form complex frontal zones. In the last decade, moreover, a significant shift in phytoplankton phenology in the area has been observed, with a certain northward expansion of temperate phytoplankton communities into the Arctic Ocean which could lead to a deterioration in the performance of remote sensing algorithms. In this research, we exploited the capability of the satellite sensors to monitor those inter-annual changes at basin scales. We propose locally adjusted algorithms for retrieving chlorophyll a concentrations Chla, absorption by particles ap at 443 and 670 nm, and total absorption atot at 443 and 670 nm developed on the basis of intensive field work conducted in 2013–2015. Measured in situ hyper spectral remote sensing reflectance has been used to reconstruct the MODIS and OLCI spectral channels for which the proposed algorithms have been adapted. We obtained MNB ≤ 0.5% for ap(670) and ≤3% for atot(670) and Chla. RMS was ≤30% for most of the retrieved optical water properties except ap(443) and Chla. The mean monthly mosaics of ap(443) computed on the basis of the proposed algorithm were used for reconstructing the spatial and temporal changes of the phytoplankton biomass in 2013–2015. The results corresponded very well with in situ measurements.