Sediment pollution characteristics, in situ sediment release potential, and in situ inhibition of sediment release were investigated in a drinking water reservoir. Results showed that organic carbon (OC), total nitrogen (TN), and total phosphorus (TP) in sediments increased from the reservoir mouth to the main reservoir. Fraction analysis indicated that nitrogen in ion exchangeable form and NaOH-extractable P (Fe/Al-P) accounted for 43% and 26% of TN and TP in sediments of the main reservoir. The Risk Assessment Code for metal elements showed that Fe and Mn posed high to very high risk. The results of the in situ reactor experiment in the main reservoir showed the same trends as those observed in the natural state of the reservoir in 2011 and 2012; the maximum concentrations of total OC, TN, TP, Fe, and Mn reached 4.42 mg/L, 3.33 mg/L, 0.22 mg/L, 2.56 mg/L, and 0.61 mg/L, respectively. An in situ sediment release inhibition technology, the water-lifting aerator, was utilized in the reservoir. The results of operating the water-lifting aerator indicated that sediment release was successfully inhibited and that OC, TN, TP, Fe, and Mn in surface sediment could be reduced by 13.25%, 15.23%, 14.10%, 5.32%, and 3.94%, respectively.