As evaluation indicators of the primary productivity, the phytoplankton biomass and community structure are of great significance to the fishery industry, which can be driven by ocean currents, nutrients and water stratification. In the present study, the characteristics of phytoplankton assemblages in different water layers of a typical Yesso scallop farming area in Zhangzi Island, the North Yellow Sea were investigated from March 2021 to January 2022. According to the vertical distribution of temperature, water stratification was observed from June to August (stratification period), and disappeared in March, October and the following January with vertical homogeneity (mixing period). 18S rRNA gene sequencing results revealed that Pyrrophyta was the most dominant phylum during the sampling period, with high gene proportions in the stratification (63.36%) and mixing periods (77.35%). The gene proportion of Bacillariophyta in the stratification period was 5.44%, which was significantly lower than that in the mixing period of 8.93% (p < 0.05). Moreover, Pseudo-nitzschia, a toxin-producing taxon affiliated with Bacillariophyta, exhibited a significantly higher proportion in the stratification period than in the mixing period. During the stratification period, a number of toxin-producing taxa such as Pseudo-nitzschia and Karlodinium were enriched in the bottom layer, which was 1.29-fold and 1.37-fold of that in the surface layer, respectively. Redundancy analysis showed that phosphate and water temperature were major environmental factors driving the vertical distribution of phytoplankton assemblages. The phosphate (0.11 μM) and silicate (2.09 μM) concentrations in the surface layer approached the minimum threshold for phytoplankton growth, and the stoichiometric limitation of phosphate was detected in the surface and middle layers. Collectively, these results indicated that the decreased proportion ratio of Bacillariophyta to Pyrrophyta and unfavorable community composition of Bacillariophyta for scallops were observed during summer, which might result from the phosphate limitation driven by water stratification. The results will further our understanding of the dynamics of phytoplankton communities under the background of intensifying ocean stratification and provide ecological guidance for mollusc mariculture.