Changes in the budget of dissolved methane measured in a small temperate lake over 1 year indicate that anoxic conditions in the hypolimnion and the autumn overturn period represent key factors for the overall annual methane emissions from lakes. During periods of stable stratification, large amounts of methane accumulate in anoxic deep waters. Approximately 46% of the stored methane was emitted during the autumn overturn, contributing ∼80% of the annual diffusive methane emissions to the atmosphere. After the overturn period, the entire water column was oxic, and only 1% of the original quantity of methane remained in the water column. Current estimates of global methane emissions assume that all of the stored methane is released, whereas several studies of individual lakes have suggested that a major fraction of the stored methane is oxidized during overturns. Our results provide evidence that not all of the stored methane is released to the atmosphere during the overturn period. However, the fraction of stored methane emitted to the atmosphere during overturn may be substantially larger and the fraction of stored methane oxidized may be smaller than in the previous studies suggesting high oxidation losses of methane. The development or change in the vertical extent and duration of the anoxic hypolimnion, which can represent the main source of annual methane emissions from small lakes, may be an important aspect to consider for impact assessments of climate warming on the methane emissions from lakes.