The damming of watercourses results in sediment accumulation and, therefore, in the reduction of useful storage capacity. The storage capacity can be recovered through dredging, but this process generates large volumes of sediments that require proper management. To avoid landfilling and promote recovery operations, sediment characterization is the preliminary step to any assessment and decision. This paper presents the results of tests on sediments sampled at two reservoirs in southern Italy, the Camastra and the San Giuliano, in Basilicata. These investigations include testing of organic matter, heavy metals grain size distribution, and the assessment of the pollution degree. A lack of correlation between the sampling point and the heavy metal content was observed in sediments, except Be, Cr and Ni for the San Giuliano reservoir. This may be attributed to the presence of agricultural activities and fertilizer use in its watershed. Similarly, there is no dependence between the organic carbon and the grain size distribution, the former being scarcely found in both reservoirs (on average 0.91% for the Camastra sediments and 0.38% for the San Giuliano sediments), the latter being predominantly characterized by sandy matrices downstream of the reservoirs (on average 64.3% ± 32.9%) and by silty-clayey matrices in the upstream areas (on average 65% ± 14.3%). Finally, the determination of the single pollution index Pi and the Nemerow integrated pollution index PN highlights that sediments are not contaminated with heavy metals. Most of them show values of the indices above between 0 and 1 (“unpolluted”) and, in a few cases, values between 1 and 2 (“poorly polluted”). The findings suggest that these sediments can be reused for environmental and material recovery, using them as secondary raw materials for sub-bases and embankments, for filling in disused quarries, for reprofiling and reconstructing the morphology of coastlines or riverbeds, for beach nourishment and in the agronomic and construction industry fields.