A new lake-level curve for Pyramid and Winnemucca lakes, Nevada, is presented that indicates that after the ~15,500 cal yr BP Lake Lahontan high stand (1338 m), lake level fell to an elevation below 1200 m, before rising to 1230 m at the 12,000 cal yr BP Younger Dryas high stand. Lake level then fell to 1155 m by ~10,500 cal yr BP followed by a rise to 1200 m around 8000 cal yr BP. During the mid-Holocene, levels were relatively low (~1155 m) before rising to moderate levels (1190–1195 m) during the Neopluvial period (~4800–3400 cal yr BP). Lake level again plunged to about 1155 m during the late Holocene dry period (~2800–1900 cal yr BP) before rising to about 1190 m by ~1200 cal yr BP. Levels have since fluctuated within the elevation range of about 1170–1182 m except for the last 100 yr of managed river discharge when they dropped to as low as 1153 m. Late Holocene lake-level changes correspond to volume changes between 25 and 55 km3 and surface area changes between 450 and 900 km2. These lake state changes probably encompass the hydrologic variability possible under current climate boundary conditions.