The giant Caribbean sea anemone, Condylactis gigantea, is an ecologically important member of the benthic community. It provides habitat for many species, including symbiotic cleaner shrimps, and is recognized by reef fishes as a cleaning station cue. Numbers of C. gigantea in Florida have recently declined, possibly due to deteriorating environmental conditions and increasing harvest pressure. A previous research finding indicating that C. gigantea spawns in the late spring has been questioned by fishers for the aquarium trade industry. We therefore examined specimens of C. gigantea collected monthly from October 2011 to September 2012 in the Florida Keys to characterize the reproductive cycle, also measuring several physical and chemical parameters of concurrently collected water samples. We ascertained that the anemone is gonochoric and has a 1:1 sex ratio. Within and between individuals, at the same time and place, spermatogenesis was synchronous, whereas oocyte development was asynchronous. Low-level spawning occurred between October and April with a peak in May, in good agreement with earlier research. Water quality at both sites showed no discernible change over the study period. Conservation efforts directed at population management could benefit this anemone.