Budgets for nitrogen, phosphorus, and organic carbon in Toolik Lake, Alaska, were assembled from data collected during 1977–81. The annual total organic carbon (TOC), total nitrogen (TN), and total phosphorus (TP) loads to the Sake were 8557, 290, and 4.64 mmol∙m−2. Inlet streams were the major source of nutrients to the lake, as direct precipitation provided only 1, 2, and 5%, respectively, of the annual TOC, TN, and TP loads to the lake. Up to 30% of the annual N and P inputs to the lake from riverine sources occurred during the first 10 d of stream flow following breakup when cold water temperatures and snow-covered ice limited primary production. Due to the short water renewal time (0.5 yr), efficiency of nutrient retention was poor and 90, 82, and 70% of the annual TOC, TN, and TP inputs to the lake were discharged at the outlet stream. Regeneration within the water column supplied 40–66% and 68–78% of the N and P necessary for measured primary production. Yearly accumulation rates for C, N, and P in the sediment were about 220, 21.0, and 1.75 mmol∙m−2. Phosphorus remineralized within the sediment was completely retained due to adsorption onto Fe oxide minerals in the oxidizing surface layer. Annual rates of release of C and N to the overlying water column were 110 and 11.5–22.2 mmol∙m2. Mass balance considerations showed no serious errors in estimates of any terms of the annual sediment and water column N, P, and organic C budgets.