We present a detailed relaxometric and computational investigation of three Gd(III) complexes that exist in solution as an equilibrium of two species with a different number of coordinated water molecules: [Gd(H2O)q]3+ (q = 8, 9), [Gd(EDTA)(H2O)q]- and [Gd(CDTA)(H2O)q]- (q = 2, 3). 1H nuclear magnetic relaxation dispersion (NMRD) data were recorded from aqueous solutions of these complexes using a wide Larmor frequency range (0.01-500 MHz). These data were complemented with 17O transverse relaxation rates and chemical shifts recorded at different temperatures. The simultaneous fit of the NMRD and 17O NMR data was guided by computational studies performed at the DFT and CASSCF/NEVPT2 levels, which provided information on Gd⋯H distances, 17O hyperfine coupling constants and the zero-field splitting (ZFS) energy, which affects electronic relaxation. The hydration equilibrium did not have a very important effect in the fits of the experimental data for [Gd(H2O)q]3+ and [Gd(CDTA)(H2O)q]-, as the hydration equilibrium is largely shifted to the species with the lowest hydration number (q = 8 and 2, respectively). The quality of the analysis improves however considerably for [Gd(EDTA)(H2O)q]- upon considering the effect of the hydration equilibrium. As a result, this study provides for the first time an analysis of the relaxation properties of this important model system, as well as accurate parameters for [Gd(H2O)q]3+ and [Gd(CDTA)(H2O)q]-.