Polyynes were prepared by liquid laser ablation of a graphite target in deionized water at various physical conditions such as laser power (20 and 40 mJ/pulse) and ablation wavelengths (355, 532, and 1064 nm). The effects of physical parameters on the linear carbon chain length were examined by analyzing the densities of polyynes with different carbon numbers ($C_6H_2$, $C_8H_2$, and $C_{10}H_2$) as well as their branching ratios. We concluded the photophysical processes turned out to play a more significant role than thermal ones in the formation of polyynes.