During the last two decades, Copahue and its active acidic crater lake have shown different magmatic, phreatomagmatic, and hydrothermal manifestations. Geochemical data of waters from Copahue springs, lakes and rivers provide new insights into the behavior of its volcano-hydrothermal system. Temporal variations in the chemical (major anions and cations) compositions, element fluxes, and isotopic fluctuations (δD and δ 18 O; stable Pb isotopes, 129 I/ 127 I, δ 37 Cl, δ 7 Li, δ 34 S) of surface waters from Copahue for the period 1997-2012 can be related to processes in the underlying hydrothermal system. The 2000 and 2012 eruptive periods and the 2004 thermal anomaly showed increases in SO 4 , Cl and F contents in the waters as a result of ascending magmatic fluids. The changing chemical compositions also showed evidence for enhanced water/rock interaction during these magmatic periods, with increased concentrations of the major rock forming elements such as Al, K and Mg. Soon after the magmatic events, the elemental fluxes from the hydrothermal system decreased strongly, especially for K and Al. The latter is related to a decrease in permeability in the system through crystallization of alunite. Stable isotopic data (δD and δ 18 O) indicate that the hydrothermal fluids consist of a mixture of meteoric and magmatic waters that are affected by evaporation and water/rock interaction processes. The δ 7 Li values, polythionate concentrations and water stable isotope ratios indicate that the hot spring M. Agusto