Vaya (Ramsar site, protected area and Natura 2000 site) is the biggest natural lake in Bulgaria and the shallowest Black Sea coastal lake, which during the last decades has undergone significant changes and was included as critically endangered in the Red List of Bulgarian Wetlands. Our studies were conducted during the summer and autumn months of three years – 2004–2006. The paper presents results on the phytoplankton abundance (numbers, biomass and carbon content) in combination with the indices of species diversity, evenness and dominance. Phytoplankton abundance was extremely high (average values of 1135 × 106 cells/L for the quantity and of 46 mg/L for the biomass) and increased in the end of the studied period (years 2005–2006), when decrease of species diversity and increase of the dominance index values were detected. The carbon content of the phytoplankton was at an average value of 9.7 mg/L and also increased from 2004 to 2006. Cyanoprokaryota dominated in the formation of the total carbon content of the phytoplankton, in its numbers (88%–97.8%), and in the biomass (62%–87.9%). All data on phytoplankton abundance and structural parameters in Vaya confirm the hypertrophic status of the lake and reflect the general negative trend in its development.