In this paper, the variation features of nitrogen and phosphorus , and the state of nutrient limitation were analyzed based on the survey results of environmental factors such as pH, water temperature, dissolved oxygen, total ammonia nitrogen, nitrite nitrogen, nitrate nitrogen, total nitrogen and total phosphorus in Dianshan lake waters of Shanghai during spring and summer of 2011-2015. Eutrophic status of the lake was also assessed by integrated index. Then mathematical model was chosen for calculation of water environmental capacity of the main pollutants of Dianshan lake. The results showed that there was a significant difference between TN and TP in the spring and summer during the survey period, and the concentration of TN and TP in spring was significantly higher than in summer except 2014. During the whole survey the highest content of NO-3-N was found in Dianshan Lake, Followed by TAN. NO-2-N was the lowest, and three forms of nitrogen had reached thermodynamic equilibrium. Correlation analysis showed that Dianshan Lake was in the oxidation environment and the nitrogen and phosphorus supplies were heterogeneous. Distribution of nitrogen and phosphorus was reasonable in most cases and state of nutrient limitation was given priority to phosphorus limitation according to the analysis by water nutrient restriction classification standard. The alternate existence of nitrogen and phosphorus limitation might be having an influence on phytoplankton growth and community succession. During the whole survey Dianshan Lake was in the state of eutrophication, and the lake was under the moderate eutrophication status before 2014, while under the light eutrophication status after 2014. The pollution load of CODMn TN and TP exceeded the target environmental capacity of Dianshan lake except CODMn in summer of 2014. To fulfill the protecting target of hydrological environment of Dianshan Lake, the recharging amount of CODMn TN and TP should be reduced to some extent.