Sediment phosphorus (P) speciation plays a critical role in coastal wetland ecosystems, while the response of P speciation to reclamation culture remains unclear. In this study, sediment P species (total P [TP], organic P [Org‐P], inorganic P [IP], iron‐ and aluminum‐bound P [Fe/Al‐P], calcium‐bound P [Ca‐P], loosely adsorbed P [Lsor‐P], P sorption index [PSI], and P adsorption saturation [DPS] are investigated in the natural marsh wetland, 3‐year and 15‐year reclamation culture ponds. Sediment P pollution level and eutrophication risk are evaluated based on the single‐factor standard index (Si) and eutrophication risk index (ERI). Furthermore, a simulation experiment is conducted to reveal the effects of baits input and overlying water aeration on sediment P species and ecological risk. Measured sediment TP, Org‐P, IP, Fe/Al‐P, Ca‐P, and Lsor‐P concentrations are significantly higher in 15‐year culture ponds than in 3‐year culture ponds and natural marsh wetland. Sediment PSI is lower in reclamation culture ponds than in natural marsh wetland, while DPS is just opposite. The Si and ERI are higher in 15‐year culture ponds than in natural marsh wetland, suggesting that reclamation culture significantly increases sediment P pollution level and eutrophication risk. A short‐term simulation experiment further indicates that baits input and overlying water aeration can alter sediment P dynamics and increase sediment P loading. Overall, these results confirm that reclamation culture can make more available P accumulation and thus increase eutrophication risk of adjacent coastal water.