This study focused on monitoring phosphorus (P) concentrations in the water of the Ramsar site, Lake Vembanad, with a special focus on the mouths of the river bodies draining into the lake, a known hotspot for eutrophication. Four phosphorus fractions—total reactive phosphorus (TRP), total acid hydrolysable phosphorus (TAHP), total organic phosphorus (TOP), and total phosphorus (TP)—were monitored during the pre-monsoon and post-monsoon seasons. The results revealed high levels of all monitored phosphorus fractions, with an average concentration exceeding 300 ppb P across both seasons, indicating a highly eutrophic state. Notably, TRP, TOP, and TP showed high concentrations in both the pre-monsoon and post-monsoon periods. These data suggest significant phosphorus input into the lake’s surface water, potentially triggering excessive algal growth and threatening the biodiversity of this rich wetland ecosystem.