Polycyclic aromatic hydrocarbons (PAHs) are ubiquitous environmental pollutants in sediments and pose a serious risk for freshwater ecosystems. In this study, sediment samples from 24 sites were collected from the cyanobacterial bloom-occurring, macrophyte-growing lake bay and adjoining river of Taihu Lake. Here, the concentration levels, sources, and risk assessment of 16 priority PAHs in the surface sediments from typical algae, macrophyte lake bay and adjoining river of Taihu Lake, were investigated, and the results were compared with those of previous studies. The total PAH (ΣPAH) concentrations ranged from 4900 to 16,800 ng·g−1 in sediments of the Taihu Lake bay and from 5736.2 to 69,362.8 ng·g−1 in sediments of the adjoining river. The level of PAHs in riverine sediments was significantly higher than those of the Taihu Lake bay, and that of the Dongshan River was significantly higher than that of the Mashan River, while there was no significant difference in the concentrations of PAHs between the cyanobacterial bloom-occurring and macrophyte-growing lake zone. The results indicated petroleum contamination was dominated in the cyanobacterial bloom-occurring, macrophyte-growing lake bay, while PAHs of the riverine sediments derived from petroleum contamination and the combined combustion including wood, coal combustion, and petroleum combustion according to the identification by the molecular diagnostic ratio and principal component analysis (PCA). Sediment risk assessment based on sediment quality guidelines (SQGs) suggested that partial regions of the Taihu Lake bay were subjected to the potential ecological risk of the 3-ring and 5-ring PAHs, and there existed negative effects related to naphthalene pollutant in all survey regions. The adjoining riverine sediments showed a high ecological risk.