Plant non-harvest changes element circulation and has a marked effect on element sinks in the ecosystem. In this study, a field investigation was conducted on the fixation of nitrogen and phosphorus in Miscanthus lutarioriparius, the most dominant plant species in the Dongting Lake wetlands. Further, to quantitatively compare the difference in nitrogen and phosphorus sinks between harvest and non-harvest, an in situ experiment on the release of the two elements from two types of litters (leaves and stems) was studied. The nitrogen concentrations in the plant had no significant relationship with the environmental parameters. The phosphorus concentrations were positively related to the plot elevation, soil organic matter, and soil total potassium and were negatively related to the soil moisture. The leaves demonstrated a higher decomposition coefficient than that of the stems in the in situ experiment. The half decomposition time was 0.61 years for leaves and 1.12 years for stems, and the complete decomposition time was 2.83 years for leaves and 4.95 years for stems. Except for the nitrogen concentration in the leaves, all the concentrations increased during the flood period. All concentrations unsteadily changed in the backwater period. Similarly, except for the relative release index of nitrogen in the leaves, all the relative release indices decreased in the flood period. At the end of the in situ decomposition experiment, the relative release indices of both the nitrogen and phosphors were greater than zero, indicating that there was a net release of nitrogen and phosphorus. Under the harvest scenario, the aboveground parts of the plant were harvested and moved from the wetlands, thus increasing the nitrogen and phosphorus sinks linearly over time. The fixed nitrogen and phosphorus in the aboveground parts were released under the non-harvest scenario, gradually accumulating the nitrogen and phosphorus sinks from the first year to the fifth year after non-harvest, reaching a maximum value after the fifth year. This study showed that the nitrogen and phosphorus sinks greatly decreased after the non-harvest of M. lutarioriparius compared to that after harvest. It is recommended to continue harvesting the plant for enhancing the capacity of element sinks.