The stopovers provide food and habitat for migratory birds and therefore play an important role in facilitating the birds’ completion of their migration. The Hengduan Mountains, which have a complex topography, are located in a large corridor of the Central Asian migratory flyway, so the lakes along the Hengduan Mountains are important for waterbird migration. The existing research on lakes in the Hengduan Mountain area is mostly concentrated in the central and southern parts of the mountains, which proves that many lakes are wintering grounds for migrating birds. We wonder whether the ecological functions of lakes will change more with further elevation. With this question, we conducted four surveys for the seasonal bird survey in Mangcuo Lake, which is located in the northwest of the Hengduan Mountains, in Markam County of Qamdo City, between October 2019 and July 2020. We recorded a total of 6109 birds from 20 species of waterbirds, including 20 species of migratory waterbirds, accounting for 100% of all bird species. The diversity and richness of waterbirds in Mangtso Lake is shown as spring > autumn ≥, summer > winter, with no waterbirds in winter. The black-necked grebe (Podiceps nigricollis), great crested grebe (Podiceps cristatus), bar-headed goose (Anser indicus), and ruddy shelduck (Tadorna ferruginea) were the dominant species in the waterbird community. The highest number of waterbird species and total individuals were found in the transition zone between the marsh wetlands and lakes, and the number of waterbird species differed significantly among habitats (X2 = 14.405, p = 0.000), with habitat complexity being an important factor influencing waterfowl abundance and distribution. The IUCN Red-listed species recorded include the black-necked crane (Grus nigricollis), painted stork (Mycteria leucocephala), and common pochard (Aythya ferina). By comparing with other lakes in Hengduan Mountain, we found that the ecological functions of the plateau lakes in the Hengduan Mountains, to support the life histories of migrating waterbirds, are gradually transforming as the altitude rises, and can be divided into approximately three levels, with the first level of Qionghai, Chenghai, Erhai, and Jianhu at altitudes of 1500–2200 m being the most important ecological function in terms of providing wintering grounds for migrating birds. The second layer, at an altitude of 2400–3300 m, includes Lashihai, Lugu Lake, and Napahai, which are not only wintering wetlands for migratory birds but also important stopover sites. The third layer of Mangcuo Lake, which is above 4000 m above sea level, provides a breeding ground for some migratory waterbirds in summer and a migratory resting place for migratory waterbirds in spring and autumn. We advocate for the importance of Mangcuo Lake in the alpine region along the central Asian flyway, as well as emerging nature conservation action that was previously neglected.