The Priestley–Taylor equation (PTE) is widely used with its sole parameter (α) set as 1.26 for estimating the evapotranspiration (ET) of water bodies. However, variations in α may be large for ephemeral lakes. Poyang Lake, which is the largest freshwater lake in China, is water-covered and wetland-covered during its high-water and low-water periods, respectively, over a year. This paper examines the seasonal and diurnal variations in α using eddy covariance observation data for Poyang Lake. The results show that α = 1.26 is overall feasible for both periods at daily and subdaily scales. No obvious seasonal trend was observed, although the standard deviation in α for the wetland was larger than that for the water surface. The mean bias in evaporation estimations using the PTE was less than 5 W·m−2 during both periods, and the root mean square errors were much smaller than the average evaporation measurements at daily scale. U-shaped diurnal patterns of α were found during both periods, due partly to the negative correlation between α and the available energy (A). Compared to the vapor pressure deficit (VPD), wind speed (u) exerts a larger contribution to these variations. In addition, u is positively correlated with α during both periods, however, VPD was positively and negatively correlated with α during the high-water and low-water periods, respectively. Subdaily α exhibited contrasting clusters in the (u, VPD) plane under the same available energy ranges. Our study highlights the seasonal and diurnal course of α and suggests the careful use of PTE at subdaily scales.