The Upper Amazon River forms an anabranching planform, which has been found to have significant changes in migration rate and river morphology. Previous studies have elaborated long-term evolution of the anabranching systems; however, research on the influence of the water level on temporal changes in anabranching is absent. According to the theory of river hydraulics, fluvial scour usually occurs when the shear force possessed by the high flow exceeds the resistance of the streambank. In contrast, deposition occurs when the tractive force of the low flow is insufficient to overcome the forces of gravity and friction. This study investigated the Muyuy anabranching planform change of the Upper Peruvian Amazon River due to the seasonal flow fluctuations and a severe flood in 2012. The Muyuy anabranching area is located 20 km upstream of Iquitos City, Peru. Landsat images from the wet and dry seasons in 2008, 2009, 2012, and 2013 were collected. The images were classified into three land cover classes (water, bare soil, vegetation and others) based on NDVI analysis. Quantitative analysis of the erosion/deposition shows that deposition is more noticeable than erosion in the Muyuy anabranching area. Considerable deposition can be found on the island of the anabranching system, and the streambank erosion occurred in the outer (concave) side of the main channel. This phenomenon of river erosion and deposition consistently occurred in 2008 and 2009 because of the periodical variation among the wet and dry seasons. However, prominent erosion was observed in 2012 and it was recognized to be caused by the severe flood. Furthermore, the extensive island was formed in 2013, which means substantial depositions accumulated in the recession of the 2012 flood.