The seasonal changes in the dynamics and life histories of the Cladocera in Lake Mangakaware, North Island, New Zealand, were studied over 19 months by sampling at weekly or 2‐weekly intervals. Lake Mangakaware is a 13.3 ha polymictic lake with high nutrient status, low Secchi disc transparencies, and an unstable thermal regime. The four planktonic cladoceran species (Bosmina longirostris, B. meridionalis, Ceriodaphnia pulchella, andC. dubia) exhibited disjunct population maxima. OnlyB. longirostriswas perennially present. All species exhibited low fecundities and low lipid content, indicating that food resources were limited and that competitive interactions and resistance to starvation were probably important in determining species success. Increases in body size in cooler seasons were unrelated to clutch size, giving further support for the view that available food was limited. These results are consistent with previous experimental findings that subtle differences in life history can determine seasonal success and the outcome of competition between similar species.