The influence of cascade reservoirs construction on labile phosphorus (P) is an important scientific problem in the Lancang River. The concentration of labile P in cascade deep-water reservoirs were determined, and the influence of cascade reservoirs construction on the DGT-labile P was analyzed. The construction of cascade reservoirs led to significant differences in concentrations of DGT-labile P, which in the upstream of Xiaowan (XW) Reservoir were differences from that in the downstream Nuozhadu (NZD) Reservoir. The P diffusion fluxes in XW Reservoir were − 8.59–250.50 ng·cm− 2·d− 1, and that in NZD Reservoir were 3.82–24.80 ng·cm− 2·d− 1. The P pollution of XW Reservoir was higher, highlighting the importance of controlling P pollution of XW Reservoir. The construction of cascade reservoirs had made the release of DGT-labile P more dependent on the reductive dissolution of Mn oxides. The early diagenesis transformed bio-availability P (BAP) remobilization into DGT-labile P that made the increase of DGT-labile P/BAP with depth. However, the DGT-labile P/BAP of upstream XW Reservoir was 7.8 times larger than that of downstream NZD Reservoir, which indicated that the construction of cascade reservoirs weakened the remobilization of P in sediment.