The total phosphorous (TP) and various forms of phosphorus contents characteristics of Poyang Lake surface exposed sediments were studied, in order to reveal the influence of the water level descended resulted from the relationship between Yangtze River and the Poyang Lake changed on the potential phosphorus-release risk of Poyang Lake sediments. Results showed that: The TP contents of Poyang Lake surface sediments varied from 214.5 to 736.0mg/kg, and the average content of TP was (428.6±154.3)mg/kg, The TP contents in the estuary of “five rivers” and central area of Poyang Lake were closed, were 444.5mg/kg and 445.4mg/kg, the content in the north area was 387.7mg/kg which far less than the estuary of “five rivers” and central area of Poyang Lake. The spatial distribution of various forms of phosphorus of Poyang Lake surface sediments was relatively uniform, the average content of reactive phosphorous from Poyang Lake surface sediments was (254.6±114.3)mg/kg, non-reactive phosphorus was (69.1±26.3)mg/kg, and organic phosphorus was (105.0±49.2)mg/kg, their contents relationship was the reactive phosphorous > organic phosphorus > non-reactive phosphorus. The relationship between Yangtze River and the Poyang Lake changed, resulting in the low water level advanced and the outcropped time prolonged, then caused the TP and various forms of phosphorus contents increased with the elevation rise from 10~11m to 12~13m, and the growth rate of the reactive phosphorous was faster than organic phosphorus and non-reactive phosphorus. The growth in the estuary of “five rivers” was the most significant, the central area comes second, and the north area was the least.