The management of water levels in wetlands is of great importance for the wetland ecosystem, including the conservation and revitalization of plants. However, the water level requirements (WLRs) of wetland plants have not been well investigated. In this study, Typha angustifolia was selected as an experimental plant species. Combining field investigation and simulation experiments, the relationship between the development status of this species and water level fluctuations (WLFs) in different life-history stages were analyzed. The results show that populations in the Yangtze floodplain, China, had two phenotypic forms ‘tall’ and ‘short’, and that these were distributed in lakes with intermittent or quasi-natural fluctuations and reservoir-like fluctuations, respectively. Lakes with high amplitude (>3.2 m) water fluctuations did not contain T. angustifolia. We investigated the distribution and growth of T. angustifolia in lakes of varying hydrology across the Yangtze floodplain, seeking to define its tolerance of water-level fluctuations and submergence at different stages in its life cycle. The upper tolerance limit of static submerged water depth was bounded by 1.5 times the height of plants in the seedling stage, and the upper tolerance limit of the submergence rate in the seedling stage was the average growth rate of seedling, 1.5 cm/d. The plant height had a positive linear correlation with amplitude and water depth from June to July. The autumn biomass was significantly negatively correlated with amplitude and water depth from January to May. This paper is perhaps the first case study on water level fluctuation requirements (WLFRs) of emergent macrophytes. It systematically assessed the WLFRs of T. angustifolia in each life-history stage, and established a comprehensive WLFR conceptual model. The results of this study could provide a quantitative operational basis for the protection and restoration of this species in Yangtze floodplain lakes.