This study seeks to clarify the content characteristics, spatial distribution, potential sources and ecological risks of nitrogen, phosphorus and some heavy metals (As, Hg, Cd, Cr, Cu, Pb, Zn and Ni) in the sediments of Yueliang Lake. Nitrogen, phosphorus and heavy metals were analyzed in the surface and core sediments of Yueliang Lake. The present situation of heavy metal pollution and the degree of potential ecological risk in sediments was evaluated by the geo-accumulation index (Igeo) and potential ecological risk index (RI). The correlation (CA) and principal component analysis (PCA) methods were used to analyze the potential sources of the main pollutants among the heavy metals. The results show that the total nitrogen (TN = 2305 mg/kg) and total phosphorus (TP = 530 mg/kg) in the surface sediments of Yueliang Lake are at medium and low levels, respectively. The average content of organic matter was 2.17%, and the nutrient ratio was 6.90–11.92, which was significantly higher in the northwest than in the middle and east of Yueliang Lake, indicating that the organic matter was a mixture of endogenous aquatic plants and exogenous terrestrial plants in the sediments. From two evaluation indices (RI and Igeo) calculated using element contents, the heavy metals in the surface sediments were at a moderate ecological risk level. The level of Hg was moderately polluted, Pb and Cd were at the mildly polluted level, and Cu, Zn, As, Cr and Ni were at pollution-free levels. Except for Hg, the other elements in the core sediment are basically not polluting, and the whole is at the level of slight ecological risk. The sources of heavy metals in the sediments are roughly divided into three categories. The first category is natural sources, including Cr, Ni, As, Zn and Cu. The second category includes Cd and Hg and the main sources are highly related to energy development and agricultural activities. The third category is light Pb pollution caused by vehicular traffic and coal-related industrial activities. Therefore, the pollution problems caused by tourism development and agricultural activities should be considered in the future development of the Yueliang Lake area.