As you can see on the top right corner, there's a mic icon and a refresh icon.
It kinda blocks my sight to monitor the time while I play League of Legends.
Is it an NVIDIA overlay setting or what else?
How do I remove this icon?
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Those icons are for NVIDIA Shadowplay, a process that allows you to record your screen and audio while you game. These icons mean that you can save a portion of the previous amount of time you've played a game as a video. The microphone icon indicates that your microphone audio is being recorded.
If you want to remove the status overlays while still keeping Shadowplay running, you can:
Looks like it is indeed an Nvidia Geforce Experience overlay. There is a helpful video here on how to turn this off.