Long-term observational data on a small, shallow Lake Vendyurskoe (Karelia) were used to analyze the space and time dissolved-oxygen dynamics in winter. Biochemical consumption was found to play a leading role in the reduction of dissolved-oxygen concentration in lake water in winter. The total decrease in the amount of dissolved oxygen since the beginning of under-ice period until mid-April was shown to amount to one third of the initial value. The year-to-year variations in winter oxygen consumption are ~10%, suggesting the process to be stable in the years of observations. The rate of oxygen consumption and variations in dissolved oxygen content of lake water in winter were evaluated. The analysis and literary data allow us to conclude that the hydrophysical processes taking place in shallow lakes in winter have a considerable effect on their oxygen regime.