Lakes have an important role in human life and the ecological environment, but they are easily affected by human activity and climate change, especially around urban areas. Hence, it is critical to extract water with a high precision method and monitor long-term sequence dynamic changes in lakes. As the greatest natural lake of the Beijing-Tianjin-Hebei region, Baiyangdian Lake has a significant function in human life, socio-economic development, and regional ecological balance. This lake area has shown large changes due to human activity and climate change. The change monitoring process of the water surface is of great significance in providing support for the management and protection of the lake. The Spectrum Matching based on Discrete Particle Swarm Optimization (SMDPSO) method is a new, robust, and low-cost method for water extraction, that has obvious advantages in extracting complex water surfaces. In this paper, the SMDPSO method was used to extract the water surface of Baiyangdian Lake by Landsat images from 1984 to 2018. This method has a good effect on complex water surface extraction with vegetation, shadows, and so forth, and the Landsat images have higher resolution and longer time series. The main contents and results of this paper are as follows: (1) We verified the applicability of the SMDPSO method in the Baiyangdian Lake using visual interpretation and correlation analysis. The relative errors between observed and extracted results were all less than 5% in spring, summer, and fall, and the correlation coefficient between the water area and water level was 0.96. (2) According to seasonal verification and comparison of the extraction results, the SMDPSO method was used to extract the water surface area of Baiyangdian Lake during spring of the years 1984–2018. Water area changes of Baiyangdian Lake can be divided into four periods: Dry period (1984–1988), degraded period (1989–2000), stable period (2000–2008), and recovery period (2008–2018). The water area reached a maximum of 280 km2 in 1989 and a minimum of 44 km2 in 2002. (3) The possible causes of the changes in the water area of Baiyangdian Lake were also analyzed. The changes were caused by climate and human activities during the first and second periods, but mainly human activities during the third and fourth periods. In fact, effective policies combined with water conservancy projects were directly conducive to improving or even recovering the water and ecological environment of Baiyangdian Lake. Considering its importance for the benign development of the Beijing-Tianjin-Hebei Region and the construction of the Xiong’an New Area, a policy is necessary to ensure that the lake’s ecological environment will not be destroyed under the premise of economic development.