The distribution of phytoplankton and its correlation with environmental factors were studied monthly during August 2012 to July 2013 in the Yantian Bay. A total of 147 taxa of phytoplankton were identified, and the average abundance was in the range of 0.57×104 to 7.73×104 cell/L. A total of 19 species dominated the phytoplankton assemblages, and several species that are widely reported to be responsible for microalgae blooms were the absolutely dominant species, such as Skeletonema costatum, Navicula sp., Thalassionema nitzschioides, Pleurosigmasp., and Licmophora abbreviata. The monthly variabilities in phytoplankton abundance could be explained by water temperature, dissolved oxygen, salinity, dissolved inorganic nitrogen (DIN), and suspended solids. The results of a redundancy analysis showed that pH and nutrients, including DIN and silicate (SiO4), were the most important environmental factors controlling phytoplankton assemblages in specific months. It was found that nutrients and pH levels that were mainly influenced by mariculture played a vital role in influencing the variation of phytoplankton assemblages in the Yantian Bay. Thus, a reduction of mariculture activities would be an effective way to control microalgae blooms in an enclosed and intensively eutrophic bay.