The species diversity at the regeneration stage, inflenced by different water levels, is important for community composition in the later growing season. Regeneration diversity of Carex lasiocarpa community under different water levels was studied at two stages, recruitment and adult, in the Sanjiang Plain, Heilongjiang Province, China. The results showed that, at the two growing stages, important value of C. lasiocarpa population and species richness of the community decreased with the increasing water level, while the Simpson and Shannon-Wiener diversity indexes and Pielou evenness index increased. Under different water levels, community diversities were higher at the recruitment stage, while population important values of C. lasiocarpa were higher at the adult stage. Indexes in vegetation evaluation must be chosen prudentially for successful restoration and effective management of wetlands, and especially for wetland restoration, the optimal time should be selected according to the restoration objectives and costs.