An attempt was made in the Veeranam freshwater lake with the objectives to collect, identify, describe and document the algae occurring from March 2007 to August 2007. Qualitative and quantitative characterization of phytoplankton and analysis of physico-chemical parameters of water samples were carried out at monthly intervals during the study period in the western and eastern sides of the lake. It was found that the phytoplankton community embraced 68 genera belonging to four classes viz., Bacillariophyceae (40), Chlorophyceae (22), Cynophyceae (4) and Euglenophyceae (2). There were significant influences of various physico-chemical parameters on the phytoplankton population density. Commonly occurred genera, Oscillatoria (Cyanophyceae), Navicula (Bacillariophyceae) and Scenedesmus (Chlorophyceae), were subjected to energy dispersive spectroscopic analysis (EDS). They were found to accumulate different elements such as Zn, P, S, Ca, Mg, Fe, N, Si, Cl and Mn. Among these the member Cyanophyceae contained Zn, P, Mg, Ca, Mn, S and N. Bacillariophyceae Si, Zn, Mg, Cl, N, Fe, and Ca. Chlorophyceae Ca, Mg, N, Fe, Cl, Zn, Si and Mn. Thus these observations would determine the chemical dialogue between the cell structures and role of the elements. Further, it gives the clue about the phytoplankton growth requirements.