High-resolution combined ZrO-Chelex diffusive gradients in thin film (DGT) probes were arranged to synchronously monitor the characteristics of labile phosphorus (P), iron (Fe), and manganese (Mn) in sediments from regions of varying trophic levels in Lake Taihu, China. Results showed that P release was closely related to the lake region's trophic level. Labile P in sediments and the apparent diffusion flux (Fd) of P were higher in hyper-eutrophic algae-dominated regions than those in macrophyte-algae-dominated and macrophyte-dominated regions, indicating that P released from sediments may be facilitated in eutrophic environments. A positive correlation observed between DGT-labile P and Fe or Mn, which had similar regional spatial distributions to P, showed that reductive dissolution of Fe-Mn (oxyhydr)oxides (FeOOH-MnOOH) in sediments was responsible for internal P release, which was strengthened in eutrophic environments. Ratios of labile Fe or Mn/labile P (LFe/LP and LMn/LP) in sediments in algae-dominated regions showed lower values than those in macrophyte-algae-dominated and macrophyte-dominated regions, further confirming that FeOOH-MnOOH in algae-dominated regions were less able to fix P, which brought higher pollution risks for the overlying water. LFe/LP or LMn/LP also had a significantly positive correlation with Fd, further testament that labile Fe or Mn was much more relevant to the sediment P cycle.