Soil magnetic susceptibility has been widely used as an alternative index of soil heavy metal pollution because of its simple process, fast measurement, and good correlation with heavy metal. However, whether soil magnetic susceptibility can be used as an indicator of heavy metal pollution in urban water has not been studied in depth. In this study, 34 samples of substrate sludge and 39 soil samples were collected from lakes/ponds and their surrounding areas in Xiangtan City, Hunan Province. The magnetic susceptibility of individual samples was measured by a Bartington MS2 dual-frequency susceptibility meter. The results showed that the magnetic susceptibility of lake sediment and soil samples fluctuated between 11.60-160.77×10 −8 m 3 /kg and 5.33-107.17×10 −8 m 3 /kg, respectively. The average magnetic susceptibility of lake sediment (48.50×10 −8 m 3 /kg) was slightly higher than that of the surrounding soil (41.75×10 −8 m 3 /kg). The magnetic susceptibility values of substrate sludge from small to large were Jiuhua Park, Juhuatang Park, and Yuhu Park. Many factors could affect lake sediment's magnetic susceptibility; and the main influencing factors could be: the shape of the lake, the strength of the current, the movement of the lake water, the aquatic ecosystem, the physical and chemical properties of the lake water, the intensity of human activities, the construction of buildings, and the types of factories and enterprises. More detailed studies and experiments are urgently needed to reveal the variation of laws and response mechanisms of sediment's magnetic susceptibility in urban lakes.