Water level drawdowns are common in reservoirs and can affect dissolved oxygen (DO) dynamics via several pathways. In large storage reservoirs, inflow deltas are often important sites for sediment deposition, with some sediment laden rivers forming highly dynamic delta regions as they enter the reservoir. As water levels change, deposited sediment may be remobilized and affect pelagic DO dynamics. Here, we analyze a long-term set of DO profiles to ask how water levels have interacted with both reservoir age and spring inflow volumes to affect metalimnion low DO events in Lake Powell, desert Southwest, USA. The most supported model suggests that declining water levels interact with reservoir age, such that an older and lower elevation reservoir leads to more metalimnion DO consumption, with larger spring snowmelt inflows furthering DO declines. We also conducted incubations to understand how sediment source, monsoon inputs, and water temperature affect DO demand and nutrient cycling. Incubation oxygen demand varied significantly by sediment source, exhibiting modest temperature dependence at the nonmonsoonal sites. We observed the highest oxygen demand from monsoonal inputs and substantial phosphorus release from 2 of 3 sediment types. Our findings emphasize how reservoir aging and hydrological dynamics can combine to reduce DO availability.