Improving water quality is one of the top priorities in the global agenda endorsed by the United Nations. To ensure the achievement of this goal, governments have developed plans to continuously monitor the status of inland waters. Remote sensing provides a low-cost, high-frequency, and practical complement to monitoring systems that can cover a large area. However, it is crucial to evaluate the suitability of sensors for retrieving water quality parameters (WQPs), owing to differences in spatial and spectral sampling from different satellites. Taking Shanmei Reservoir in Fuzhou City, Fujian Province as a case study, this study collected and sorted the water quality data measured at the site in 2020 to 2022 and Landsat 8-9 OLI and Sentinel-2 MSI images, simulated the chlorophyll-a (Chl-a) concentration, algae density, and turbidity using empirical multivariate regression, and explored the relationship between different WQPs using correlation analysis and principal component analysis (PCA). The results showed that the fitting effect of Landsat OLI data was better than that of the Sentinel-2 MSI data. The coefficient of determination (R2) values of Chl-a, algal density, and turbidity simulated by Landsat OLI data were 0.70, 0.81, and 0.80, respectively. Furthermore, the parameters of its validation equation were also smaller than those of Sentinel MSI data. The spatial distribution of three key WQPs retrieved from Landsat OLI data shows their values were generally low, with the mean values of the Chl-a concentration, algal density, and turbidity being 4.25 μg/L, 4.11 × 106 cells/L, and 1.86 NTU, respectively. However, from the end of February 2022, the values of the Chl-a concentration and algae density in the reservoir gradually increase, and the risk of water eutrophication also increases. Therefore, it is still necessary to pay continuous attention and formulate corresponding water quality management measures. The correlation analysis shows that the three key WQPs in this study have a high correlation with pH, water temperature (WT), and dissolved oxygen (DO). The results of PCA showed that pH, DO, Chl-a concentration, WT, TN, and CODMn were dominant in PC1, explaining 35.57% of the total variation, and conductivity, algal density, and WT were dominant in PC2, explaining 13.34% of the total variation. Therefore, the water quality of the Shanmei Reservoir can be better evaluated by measuring pH, conductivity, and WT at the monitoring station, or by establishing the regression fitting equations between DO, CODMn, and TN. The regression algorithm used in this study can identify the most important water quality features in the Shanmei Reservoir, which can be used to monitor the nutritional status of the reservoir and provide a reference for other similar inland water bodies.