Constructed wetland systems employing submerged macrophytes are increasingly utilized for treating municipal and industrial wastewater, as well as odoriferous and eutrophic water bodies. However, the pollutant removal efficiency of these systems needs further enhancement. In this study, we examined the impact of the gas-to-water ratio on the treatment efficiency of the constructed wetland of Vallisneria. We also examined the extracellular polymeric substances (EPSs) of the floating biofilm and the structure of the microbial community in this system. Our findings showed that the gas-to-water ratio significantly affects the total nitrogen (TN) removal rate within the Vallisneria wetlands, with an optimum removal at a gas-to-water ratio of 15:1, while the removal efficiencies for chemical oxygen demand (COD), NH4+-N, and total phosphorus (TP) remain relatively unaffected. Increased gas-to-water ratios corresponded to a notable decrease in biofilm EPSs. High-throughput sequencing analysis demonstrated a shift in biofilm-denitrifying bacteria from anoxic heterotrophic to aerobic denitrifiers, alongside a significant rise in the abundance of denitrifying bacteria, whereas excessively high gas-to-water ratios inhibited the growth of these bacteria. A gas-to-water ratio of 15:1 constituted the optimal condition for ecological restoration of the water body within the Vallisneria wetland systems. These results could contribute to the optimization of submerged-macrophyte constructed wetland system design and the enhancement of treatment efficiency.