Increasing algae in Lake Erhai has resulted in frequent blooms that have not only led to water ecosystem degeneration but also seriously influenced the quality of the water supply and caused extensive damage to the local people, as the lake is a water resource for Dali City. Exploring the key factors affecting phytoplankton succession and developing predictive models with easily detectable parameters for phytoplankton have been proven to be practical ways to improve water quality. To this end, a systematic survey focused on phytoplankton succession was conducted over 2 years in Lake Erhai. The data from the first study year were used to develop predictive models, and the data from the second year were used for model verification. The seasonal succession of phytoplankton in Lake Erhai was obvious. The dominant groups were Cyanobacteria in the summer, Chlorophyta in the autumn and Bacillariophyta in the winter. The developments and verification of predictive models indicated that compared to phytoplankton biomass, phytoplankton density is more effective for estimating phytoplankton variation in Lake Erhai. CCA (canonical correlation analysis) indicated that TN (total nitrogen), TP (total phosphorus), DO (dissolved oxygen), SD (Secchi depth), Cond (conductivity), T (water temperature), and ORP (oxidation reduction potential) had significant influences (p < 0.05) on the phytoplankton community. The CCA of the dominant species found that Microcystis was significantly influenced by T. The dominant Chlorophyta, Psephonema aenigmaticum and Mougeotia, were significantly influenced by TN. All results indicated that TN and T were the two key factors driving phytoplankton succession in Lake Erhai.