The long‐term temporal and spatial changes in statistical, source, and stress characteristics of one cluster of induced seismicity recorded at The Geysers geothermal field (U.S.) are analyzed in relation to the field operations, fluid migration, and constraints on the maximum likely magnitude. Two injection wells, Prati‐9 and Prati‐29, located in the northwestern part of the field and their associated seismicity composed of 1776 events recorded throughout a 7 year period were analyzed. The seismicity catalog was relocated, and the source characteristics including focal mechanisms and static source parameters were refined using first‐motion polarity, spectral fitting, and mesh spectral ratio analysis techniques. The source characteristics together with statistical parameters (b value) and cluster dynamics were used to investigate and understand the details of fluid migration scheme in the vicinity of injection wells. The observed temporal, spatial, and source characteristics were clearly attributed to fluid injection and fluid migration toward greater depths, involving increasing pore pressure in the reservoir. The seasonal changes of injection rates were found to directly impact the shape and spatial extent of the seismic cloud. A tendency of larger seismic events to occur closer to injection wells and a correlation between the spatial extent of the seismic cloud and source sizes of the largest events was observed suggesting geometrical constraints on the maximum likely magnitude and its correlation to the average injection rate and volume of fluids present in the reservoir.