Excess agrochemicals input from agricultural activities and industrial effluent around Lake Ziway catchment can pose a serious threat on the lake ecosystem. Lake Ziway is a shallow freshwater lake found in the northern part of the Ethiopian Rift Valley. It is characterized as semi-arid to sub-humid type of climate. Expansions of the flower industry, widespread fisheries, intensive agricultural activities, fast population growth lead to deterioration of water quality and depletion of aquatic biota. The spatial and temporal variations of selected water quality parameters were evaluated using multivariate techniques. The data were collected from nine sampling stations during dry and wet seasonal basis for analysis of fifteen water quality parameters. The physicochemical parameters were measured in-situ with portable multimeter and nutrients were determined by following the standard procedures outlined in the American Public Health Association using UV/Visible spectrophotometer. Mean nutrient concentrations showed increasing trend in all seasons. These sites were also characterized by high electrical conductivity and total dissolved solid (TDS). All the nine sampling sites were categorized into three pollution levels according to their water quality features using cluster analysis (CA). Accordingly, sampling sites Fb and Ketar River (Kb) are highly and moderately polluted in both seasons, respectively. On the other hand, sampling sites at the center (C), Meki river mouth (Ma), Ketar river mouth (Ka), Meki River (Mb), Korekonch (Ko) and Fa in dry season and Ka, C, Ma, Ko, Bulbula river mouth (B) and Fa during wet season were less polluted. Principal component analysis (PCA) analysis also showed the pollutant sources were mainly from Fb during dry season Mb and Kb during wet season. The values of comprehensive pollution index illustrated the lake is moderately and slightly polluted in dry and wet seasons, respectively. Comparatively, the pollution status of the lake is high around floriculture effluent discharge site and at the two feeding rivers (Kb and Mb) due to increasing trends in agrochemical loads. In order to stop further deterioration of the lake water quality and to eventually restore the beneficial uses of the lake, management of agrochemicals in the lake catchments should be given urgent priority.