Sediment (SOM) and suspended particulate (SPOM) organic matters are two important organic matters in water. Their occurrence, migration and transformation, and stability have important effects on the environmental behaviors of carbon, nitrogen, phosphorus, and other pollutants in a water environment. The content, composition, fluorescence characteristics, source, and stability of SOM and SPOM in Hulun Lake, a typical lake in cold and arid region of China, were compared by sequential extraction, three-dimensional fluorescence spectroscopy, parallel factor technique, carbon–nitrogen ratio, and stable carbon isotope. SOM and SPOM in north and west were higher than those in east and south. The average content of SPOM (24.70 ± 4.63 g/kg) was slightly higher than that of SOM (23.04 ± 10.27 g/kg), but the difference was not significant. Humin was the dominant component in SOM and SPOM, accounting for 73.7% and 61.2%, respectively. Humus was the main fluorescence component of water-extractable organic matter in SOM and SPOM, accounting for 79.9% and 70.4%, respectively, of the total fluorescence intensity. SOM and SPOM were derived from terrestrial sources with relative contribution rate of about 70%. SPOM was more influenced by autochthonous sources and had significantly lower humification degree and stability than SOM. Effects of climate changes on migration, transformation, stability, and bioavailability of organic matters and endogenous pollutants closely related to organic matters in lakes of cold and arid regions should be paid attention in the future.