Dredging eutrophic lake sediments can improve water quality, but it also requires dewatering and valorizing the dredged material to avoid wasting resources like phosphorus. This study experimentally investigated the basic mechanism and performance of electroosmotic dewatering of 1-L dredged sediments using different electric currents (20 mA, 40 mA, and 60 mA) after gravity filtration. The dewatering performance, moisture content and distribution, effect of electrochemical reaction on dewaterability, energy consumption, and changes in metals and phosphorus (P) distribution and pH values were analyzed. The results indicated that electroosmotic dewatering effectively decreased sediment mass by predominantly eliminating free and a portion of interstitial water, with reductions ranging from 7 to 20%. The optimal duration and current should, however, be considered to balance water removal and energy consumption. Higher moisture removal occurred with 40 mA for 24 h and 60 mA for 6 h, while the energy consumption obtained with 60 mA (0.201 kWh/kg water removed) was significantly lower than that of applying 40 mA for 24 h (0.473 kWh/kg water removed), with the assistance of ohmic heating, resulting in reduced viscosity and water release from capillaries. The tested conditions did not significantly extract heavy metals or P from the sediments, which may facilitate the disposal of the removed water back into the lake and the utilization of the treated sediments for different purposes. This technology is easy to operate and suitable for the treatment of dredged sediments, and the dewatering result is comparable to low pressurized filtration but at low energy consumption.