Contamination of heavy metals would threaten the water and soil resources; phytoremediation can be potentially used to remediate metal contaminated sites. We constructed the Phragmites australis artificial floating wetlands outside the Qingcaosha Reservoir in the Yangtze Estuary. Water characteristic variables were measured in situ by using YSI Professional Pro Meter. Four heavy metals (copper, zinc, lead, and chromium) in both water and plant tissues were determined. Four heavy metals in estuary water were as follows: 0.03 mg/Kg, 0.016 mg/Kg, 0.0015 mg/Kg, and 0.004 mg/Kg. These heavy metals were largely retained in the belowground tissues of P. australis. The bioaccumulation (BAF) and translation factor (TF) value of four heavy metals were affected by the salinity, temperature, and dissolved oxygen. The highest BAF of each metal calculated was as follows: Cr (0.091 in winter) > Cu (0.054 in autumn) > Pb (0.016 in summer) > Zn (0.011 in summer). Highest root-rhizome TF values were recorded for four metals: 6.450 for Cu in autumn, 2.895 for Zn in summer, 7.031 for Pb in autumn, and 2.012 for Cr in autumn. This indicates that the P. australis AFW has potential to be used to protect the water of Qingcaosha Reservoir from heavy metal contamination.