Assessing and monitoring water quality status through timely, cost effective and accurate manner is of fundamental importance for numerous environmental management and policy making purposes. Therefore, there is a current need for validated methodologies which can effectively exploit, in an unsupervised way, the enormous amount of earth observation imaging datasets from various high-resolution satellite multispectral sensors. To this end, many research efforts are based on building concrete relationships and empirical algorithms from concurrent satellite and in-situ data collection campaigns. We have experimented with Landsat 7 and Landsat 8 multi-temporal satellite data, coupled with hyperspectral data from a field spectroradiometer and in-situ ground truth data with several physico-chemical and other key monitoring indicators. All available datasets, covering a 4 years period, in our case study Lake Karla in Greece, were processed and fused under a quantitative evaluation framework. The performed comprehensive analysis posed certain questions regarding the applicability of single empirical models across multi-temporal, multi-sensor datasets towards the accurate prediction of key water quality indicators for shallow inland systems. Single linear regression models didn’t establish concrete relations across multi-temporal, multi-sensor observations. Moreover, the shallower parts of the inland system followed, in accordance with the literature, different regression patterns. Landsat 7 and 8 resulted in quite promising results indicating that from the recreation of the lake and onward consistent per-sensor, per-depth prediction models can be successfully established. The highest rates were for chl-a (r<sup>2</sup>=89.80%), dissolved oxygen (r<sup>2</sup>=88.53%), conductivity (r<sup>2</sup>=88.18%), ammonium (r<sup>2</sup>=87.2%) and pH (r<sup>2</sup>=86.35%), while the total phosphorus (r<sup>2</sup>=70.55%) and nitrates (r<sup>2</sup>=55.50%) resulted in lower correlation rates.