The deterioration of water quality caused by human activities has triggered significant impacts on aquatic ecosystems. Submerged macrophytes play an important role in freshwater ecosystem restoration. Understanding the relative contributions of the sources and environment to the adaptive strategies of submerged macrophytes is crucial for freshwater restoration and protection. In this study, the perennial submerged macrophyte Myriophyllum spicatum was chosen as the experimental material due to its high adaptability to a variable environment. Through conducting reciprocal transplant experiments in two different artificial environments (oligotrophic and eutrophic), combined with trait network and redundancy analysis, the characteristics of the plant functional traits were examined. Furthermore, the adaptive strategies of M. spicatum to the environment were analyzed. The results revealed that the plant source mainly influenced the operational pattern among the traits, and the phenotypic traits were significantly affected by environmental factors. The plants cultured in high-nutrient water exhibited a higher plant height, longer leaves, and more branches and leaves. However, their physiological functions were not significantly affected by the environment. Therefore, the adaptation strategy of M. spicatum to the environment mainly relies on its phenotypic plasticity to ensure the moderate acquisition of resources in the environment, thereby ensuring the stable and efficient operation of plant physiological traits. The results not only offered compelling evidence on the adaptation strategies of M. spicatum in variable environments but also provided theoretical support for the conservation of biodiversity and sustainable development.