A water balance model of Lake Victoria that can be used to assess rainfall from lake level, is derived. The model utilizes satellite estimates of rainfall directly over the lake. The model, initially derived and calibrated for the period 1956–1978, is reformulated here in such a way that all water balance terms except evaporation can be calculated from a combination of catchment rainfall and level of the lake. The reformulated model is validated and used to predict lake level fluctuations during the period 1931–1994. An error analysis is also performed. The model is then “inverted” to solve for mean rainfall conditions during various intervals of changing lake levels. For modern periods with known rainfall conditions, the error in model estimates is of the order of 1%.