The microalgal-bacterial granular sludge (MBGS) process is attracting attention as a green wastewater treatment technology. However, research on the application of MBGS in lake water remediation is limited. Thus, this experiment investigated the feasibility and the efficacy of the MBGS process for the treatment of natural lake water in a continuous-flow tubular reactor. The averageremoval efficiencies of COD, NH4+-N, NO3--N, NO2--N, TN, PO43--P, TP, and turbidity by MBGS system in the day/night cycles were 50.10/61.39%, 63.52/75.23%, 43.37/73.57%, 90.72/93.48%, 78.30/80.02%, 71.13/74.62%, 65.08/70.57%, 92.32/89.84%, respectively. As the experiment progressed, the total chlorophyll content in MBGS decreased as the granule size increased, while the extracellular polymeric substances content increased, suggesting that thelake water contributed to bacterial growth and favored the stability of MBGS. Moreover, the eukaryotic microorganisms were dominated by Chlorophyta and Rotifera, and prokaryotic microorganisms were dominated by Proteobacteria in MBGS. By promoting the decomposition of various organic compounds in the lake water and inhibiting sludge expansion, these microorganisms helpthe MBGS system tomaintain excellent granular characteristics and performance. Overall, the MBGS system proved to be a feasible option for the remediation of natural lake waters.