The present study evaluated water quality variation, limiting nutrient, and sediment of a shallow eutrophic lake (Lake Ilgam) in the metropolitan area from 2000 to 2002. According to annual mean chl.a ($77.2{pm}36.6;{mu}g/l) and TP ($66.6{pm}20.5;{mu}g/l) concentration and trophic state index (>60), Lake llgam was in very eutrophic status. Both inorganic nitrogen ($NH_3-N$ and $NH_3-N$) and phosphorus (SRP) concentrations in the water column increased during winter and spring, but decreased during summer followed by the phytoplankton development. Evidence for phosphorus and nitrogen as being the potential limiting nutrients for phytoplankton growth was supported by the ratio of DIN/DIP (by mass) (${sim}$835.8), TSI derivations analysis, and algal growth potential bioassay. Based on the results of TSI derivations, strong nutrient limitation by both N and P occurred from September to November when P content in sediment (114.6 mg P/kg) was relatively low compared with the summer. Sediment contained a large amount of nitrogen (TKN: 4,452${pm}$283.0mg N/kg dry sediment). Phosphorus content in sediment (TP: 313${pm}$155 mg P/kg) was relatively low with temporal change. P release rate (0.29${pm}$0.02 mg $m^{-2}$ $day^{-1}$) was high under the aerobic condition at pH 9. These results indicate that the sediment could play an important role as a source of a limiting nutrient, and temporal change of P content in the sediment is closely related with water quality, especially algal biomass change in Lake llgam.