Using a series of time- and temperature-resolved synchrotron diffraction experiments, the relationship between multiple polymorphs of ZnCl2 and its respective hydrates is established. The δ-phase is found to be the pure anhydrous phase, while the α, β, and γ phases result from partial hydration. Diffraction, gravimetric, and calorimetric measurements across the entire ZnCl2·R H2O, 0 > R > ∞ composition range using ultrapure, doubly sublimed ZnCl2 establish the ZnCl2 : H2O phase diagram. The results are consistent with the existence of crystalline hydrates at R = 1.33, 3, and 4.5 and identify a mechanistic pathway for hydration. All water is not removed from hydrated ZnCl2 until the system is heated above its melting point. While hydration/dehydration is reversible in concentrated solutions, dehydration from dilute aqueous solutions can result in loss of HCl, the source of hydroxide impurities commonly found in commercial ZnCl2 preparations. The strong interaction between ZnCl2 and water exerts a significant impact on the solvent water such that the system exhibits a deep eutectic at a composition of about R = 7 (87.5 mol %) and a eutectic temperature below -60 °C.