Coastal areas are subjected to significant allochthonous organic matter deposits from surrounding areas; however, limited information is available on the source and delivery of this organic matter. In this study, to assess seasonal changes in the sources of organic matter in Lake Sihwa (Korea), biodegradability, fluorescence property, and stable isotopic compositions (carbon, nitrogen, and sulfur) of the organic matter were determined. Water samples were collected from the inner lake (n = 9) and inland creeks (n = 10) in five separate events, from November 2012 to October 2013. Organic matter originating from rural, urban, and industrial areas was examined as the potential sources. The organic matter contents and biodegradability in the industrial area were the highest, whereas low concentrations and poor biodegradability of organic matter were found in the rural area, and moderate properties were observed in the urban area. In Lake Sihwa, a large concentration of total organic matter and enhanced biodegradability were observed during March and August. However, main source of organic matter differed between the sampling events. The largest contribution of organic matter, deriving from marine phytoplankton, was found in March. On the other hand, in August, the organic matter originating from the industrial area, which is characterized by high levels of heavy metals and persistent organic pollutants, was significantly increased. Our results could be useful to enhance the management of water bodies aimed at reducing the organic matter concentrations and improving the water quality of Lake Sihwa, and even that of the Yellow Sea.