We aimed to investigate the reproduction-related traits of Vicia biennis L., an endangered and poorly known wetland species in its western marginal populations (in Hungary), and discuss the conservational and ecological implications. We measured the mass, viability, and physical dormancy of half-year-old seeds in five in-situ collected seed lots, while potential seed longevity (i.e., seed bank type) was estimated from repeatedly germinating subsamples from four ex-situ collected seed lots for 3–8 years. Plant survival, flowering, and seed production were studied in different light-, irrigation-, and competition conditions in a botanical garden experiment. We found that 1) half-year-old seeds have a high germination capacity (78–100%), 2) and high level of physical dormancy (72–100%) in all examined Hungarian populations, and 3) the seeds can preserve their germination capacity for more than five years, although their viability sharply decreases, probably falling below 10% within ten years, when they are stored at room temperature. The results of the botanical garden experiment suggested that 1) the species is annual, not biennial; 2) it shows strong sensitivity to precipitation and low competitiveness for water; and 3) it can produce hundreds of seeds even in suboptimal (dry or shady) conditions. Although the species was found to be well-adapted to a temporally heterogeneous environment, its future vulnerability can increase depending on the duration of dry seasons. Further investigation of genetic diversity and soil seed bank is needed to estimate the actual vulnerability of the species while strengthening the populations through seed sowing, and additional vegetation control in the habitats is suggested.