Species diversity, dominance and abundance of the phytoplankton community of the Ranjit Sager Wetland were studied during June, 2012 to May, 2014 on monthly basis. The main aim was to provide information about overall phytoplankton diversity of this wetland. Phytoplankton samples were collected using phytoplankton net and preserved in 5% formaldehyde solution on the spot, then brought to the laboratory for further analysis. Algae belonging to Cyanophyceae, Chlorophyceae and Bacillariophyceae were recorded. The Bacillariophyceae was the most dominant group followed by the Chlorophyceae and Cyanophyceae. A total of 26 genera were recorded, 12 were belonged to Bacillariophyceae, 11 to Chlorophyceae and 3 to Cyanophyceae. The different types of indices such as Margalef’s index, Simpson index, Shannon-Weaver index and species evenness index were employed to analysis the data. Phytoplankton converts light energy to chemical energy by the process of photosynthesis so they act as primary producers and food for variety of aquatic organisms. Phytoplankton are also act as efficient bio-indicators to measure quality of water.