To examine the status and risk of heavy metal pollution in urban lakes, in China, the distribution of several heavy metals (e.g., Cr, Cu, Ni, Pb, Zn) in the sediment of Moshui Lake, Hangyang District, Wuhan City, was characterized. The process of rapid urbanization and industrialization of the district was also studied to find out its relationship with the metal accumulation profile in the sediment. It was found that the total concentration of heavy metals in the sediment was higher than the severe effect level (SEL), at all sampling sites, except those in the riparian zone. The Cr and Cu maximum concentrations were 1,780 and 1,250 mg/kg, approximately 16 and 11 times as much as the SEL values, and they appeared as deep as 32 cm in one sample. The carbonate and exchangeable fractions of Zn were more than 50% of the total Zn content, resulting in very high risk according to the Risk Assessment Code (RAC). For Cu and Ni, a medium RAC value was found for carbonate and exchangeable fractions of 11%-20%. As sensitive indicators of contaminants in aquatic systems, heavy metals in the sediment reflect the outcome of regional urbanization, industrialization, and environmental management. With rapid urbanization, sedimentary Pb and Zn concentrations increased. The experimental results showed that high sedimentary heavy metal concentrations had resulted from rapid urbanization and industrialization, which would absolutely lead to substantial aquatic environmental decline in urban lakes.