In order to ensure the protection of lakes against eutrophication, an ongoing global problem, its causes should be determined on an individual basis. In this study, we investigated Lake Niesłysz in northwestern Poland in terms of (i) the impact of nitrogen and phosphorus on primary production, (ii) the Trophic State Index (TSI), and (iii) the hydromorphological characteristics and watershed features. We determined the thermal conditions, dissolved oxygen, organic matter, and selected forms of nitrogen and phosphorus. TSI was determined using Secchi depth (SD), chlorophyll a, total phosphorus (TP), and total nitrogen (TN). Hypolimnetic anoxia was observed in summer. Surface concentrations of chlorophyll a and organic carbon, total inorganic nitrogen (TIN), and total reactive phosphorus (TRP) were 5 μg L−1, 11.7 mg C L−1, 0.049 mg N L−1, and 0.018 mg P L−1, respectively. The TN:TP ratio was >30, while TIN:TRP was <10. The TSIs for chlorophyll a, SD, and TP ranged from 42 to 59, and for TN it was >145. The total trophic state index (T-TSI) exceeded 72. In conclusion, Lake Niesłysz has an average resistance to degradation and the catchment has little influence on the release and transport of biogenic matter into the lake. The limiting nutrient for primary production was phosphorus, but the influence of nitrogen or covariates of nitrogen cannot be excluded. Based on the oxygen conditions in the hypolimnion, the lake should be classified as eutrophic. Most of the TSIs were in the mesotrophic range, while the TSIs for TN and T-TSI classified the lake as hypertonic. The results show that Lake Niesłysz is currently at a critical stage of progressive degradation, and it is advisable to develop and implement protective measures immediately.