The Lucky Strike volcano is the central edifice of the Lucky Strike segment on the slow spreading Mid‐Atlantic Ridge. The volcano summit hosts one of the largest known deep‐sea hydrothermal fields, and overlies an axial magma chamber (AMC) whose summit reflector lies 3–3.8 km beneath the seafloor. We present a 12‐year microearthquake catalog beneath the volcano, which we constructed using data collected from 2007 to 2019 as part of the EMSO‐Azores observatory. The catalog reveals continuous low magnitude seismicity (85% with ML < 0), focused mainly north‐northwest of the hydrothermal field and 0–2 km above the AMC reflector. Focal mechanisms estimated only from the 2010–2011 deployment show a mixture of thrust, normal and strike/slip faulting mechanisms. We propose that the observed microearthquake activity is due to thermal cracking, tectonic cracking, and possible small dike injections occurring at the base of hydrothermal downflow zones. We document a ∼800 m eastward shift of the seismicity sometime during a catalog gap from June 2013 to April 2015, accompanied by a change in the seismicity pattern from a patch just above the AMC to a more vertically aligned structure. We also identify several higher seismicity periods, often including relatively large magnitude events (ML > 0.8). We interpret the spatio‐temporal variations in seismicity patterns and the correlation between larger magnitude events and higher seismicity periods to indicate that the hydrothermal domain is a dynamic interface, where the variations are caused by changes in permeability and/or temperature induced by tectonic and small episodic melt injections.