To accurately identify the dynamic distribution of heavy metals (Ni, Cu, Zn, Cd, and Pb) in eutrophic lakes and their response mechanism to environmental changes, the distribution levels of heavy metals in the overlying water and surface sediments of Meiliang Bay in Taihu Lake were analyzed during summer and winter. Additionally, the change characteristics of heavy metals at the sediment-water interface in particular were observed using film diffusion gradient technology (DGT) and high-resolution dialysis technology (HR-Peeper). The results showed that the average concentrations of five heavy metals both in overlying water and surface sediments generally decreased in the order of Zn>Ni>Cu>Pb>Cd. The concentrations of heavy metals in the overlying water, as well as the bioavailable and dissolved concentrations of heavy metals (cDGT and cPeeper) at the sediment-water interface, were generally higher in summer than in winter. The Mantel test showed significant correlations between cDGT at the sediment-water interface and heavy metal concentrations in overlying water, confirming that heavy metal migration from sediment directly affected the levels of heavy metals in overlying water. Redundancy analysis (RDA) was further used to identify the key environmental factors regulating the dynamic changes of heavy metals at the sediment-water interface, including dissolved oxygen (DO), chlorophyll-a (Chla), pH, sediment pH (S_pH), and sediment redox potential (S_Eh). Among them, cDGT-Ni, cDGT-Cu, cDGT-Cd, and cDGT-Pb were mainly positively correlated with Chla and pH, and negatively correlated with S_Eh, S_pH, and DO. This reflects that algal blooms during summer significantly promoted the heavy metal migration from sediment to water.