Oxidation of surface sediments is an important means for altering phosphorus (P) exchanges across sediment-water interface (SWI) in shallow lakes. In this study, the potential and composition of regenerated oxidation capacity (OC) of surface sediments were evaluated in three large shallow lakes (Tai Lake, Chao Lake, and Dianchi Lake) in China; the transformation of sedimentary P was quantified through P fractionation scheme. The composition of the regenerated OC differed among these three lakes, with Fe(III) and SO42- dominant in Dianchi Lake, Mn(IV) and Fe(III) in Chao Lake and Tai Lake. Oxidation of sediments enhanced the transformation of sedimentary P and altered P exchanges across the SWI. In Chao Lake, the HCl-P was transformed to BD-P; in Tai Lake, the NaOH-P was involved too, and transformed to BD-P; whereas in Dianchi Lake, an increase in NH4Cl-P was also observed except for the transformation from HCl-P to BD-P. The sediment-to-water flux of P was enhanced with 0.17 mg/g DW in Dianchi Lake and 0.08 mg/g DW in Chao Lake, while a contrary water-to-sediment flux of P was observed in Tai Lake, reaching 0.01 mg/g DW. This study advances our knowledge on the impacts of sediment oxidation on P cycles in lakes, which will be beneficial to eutrophication control.