The present study reports the phytoplankton abundance, dominance and co-existence relationships in the eutrophic Carpina reservoir, Pernambuco, Brazil. Sampling was carried out at six different depths bimonthly at a single reservoir spanning two climatic periods: dry season (January, September, and November 2006) and rainy season (March, May, and July 2006). Density, abundance, dominance, specific diversity and equitability of the community were determined, along with chlorophyll a, and physical and chemical variables of the environment. Eight species were considered abundant, and their densities corresponded to more than 90% of the total phytoplankton community quantified. Cyanobacteria represented more than 80% of this density. Cylindrospermopsis raciborskii was the only dominant taxon in the dry season, and was co-dominant in the rainy season. C. raciborskii, Planktothrix agardhii and Geitlerinema amphibium had the greatest densities and lowest vertical variation coefficients. The statistical analysis indicated relationships with vertical and seasonal variations in the phytoplankton community and the following variables: total dissolved solids, water temperature, electrical conductivity and pH. The changes in the environmental variables were discrete and regulated by the establishment of precipitation however, they were able to promote vertical and seasonal instability in the structure of the phytoplankton community.