For the past 20 years, numerous studies have been carried out on the application of equilibrium partitioning approach (EqPA) for the derivation of sediment quality guidelines (SQGs). However, for metals, few Equilibrium-partitioning-based numerical SQGs have been developed or are currently available because of the confounding factors mediating the bioavailability of metals. A study was conducted at Dianchi Lake, which is a heavily eutrophicated lake on the Yunnan-Guizhou Plateau, China with the focus on the measurement of partitioning coefficient (Kp) and SQGs derivation and normalization to acid volatile sulfide (AVS), fine material, and organic carbon. Using new normalization methods, SQGs were formulated for seven metals including copper, zinc, lead, cadmium, chromium, mercury, and arsenic in Dianchi Lake. In Dianchi Lake sediments, the fine material contributed 25.4%-36.0% to the SQG values, with the largest contribution to the SQG value of mercury; AVS contributed 2.9%-75.0% to the SQG values, with the largest contribution to the SQG value of cadmium. This indicated that the fine material and the AVS were the most important controlling factors to the bioavailability of mercury and cadmium, respectively. The contribution of total organic carbon (TOG) to the SQG values of copper and lead was 3.8% and 7.1%, respectively, indicating that at relatively lower concentrations, the contribution of TOG was not significant. In addition to normalization methods, appropriate procedures for the application of EqPA including sample collection, storage, and analysis are also essential to improve the reliability of SQGs. The normalized Dianchi Lake SQGs were higher than most of the empirically based SQGs developed in North America, but lower than Hong Kong interim SQGs except for cadmium and arsenic. The differences could be attributed to the approaches used for derivation of SQGs and the water quality criteria adopted and the differences in the physical and chemical characteristics of the sediments.