To investigate the residues, compositions, distributions and potential ecological risks of perfluoroalkyl acids (PFAAs), water samples were collected seasonally between August 2011 and November 2012 from 20 sites in Lake Chaohu and its tributary rivers. The mean concentration of total PFAAs (TPFAAs) was 14.46 ± 6.84 ng/L. PFOA was the predominant contaminant (8.62 ± 4.40 ng/L), followed by PFBA (2.04 ± 1.16 ng/L) and PFHxA (1.23 ± 1.50 ng/L). The TPFAAs concentrations peaked in August 2012 in each area, except for the western river. The opposite spatial trends were found for PFOA and PFOS in both the lake and river areas. Except for PFOS and PFUdA, the levels of TPFAAs and PFAAs were significantly related to the composition of fluorescent dissolved organic matter (FDOM) but not related to total DOM expressed by dissolved organic carbon (DOC). The risk of PFOS determined by a species sensitivity distribution model was notably above that of PFOA.