Changes in the circulating plasma volume were monitored for twelve consecutive months in five white‐tailed deer(Odocoileus virginianus)maintained outdoors in a 2.4‐ha enclosure in northern New York stale. The mean annual relative plasma volume of the two male white‐tailed deer (43.6 ± 1.0 ml/kg) was not significantly different from that of three females (45.7 ± 0.7 ml/kg). Mean annual absolute plasma volume, however, was significantly higher in males (2588 ± 90.7 ml) than in females (2092 ± 79.1 ml), mainly because of the greater body weights of males in late summer and early fall. Both sexes had a marked seasonality in the level of relative and absolute plasma volume regulation. Relative plasma volumes were lowest in February‐March and highest in May‐June and again in October, while absolute plasma volumes were lowest in late winter to early spring, when body weights in the annual cycle were lowest, and volumes were highest in mid‐fall, at the annual peak of body condition. Males had a greater excursion about their annual mean relative plasma volumes (‐16 to 13%) and absolute plasma volumes (‐23 to 32%) than did females (respectively, ‐11 to 9% and ‐13 to 19%). Variations in the level of plasma volume regulated are related to the annual cycle of environmental conditions and changes in body and physiological condition of white‐tailed deer.