We present an experimental study of the dynamics underlying the buildup and decay of dynamical nuclear spin polarization in a single semiconductor quantum dot. Our experiment shows that the nuclei can be polarized on a time scale of a few milliseconds, while their decay dynamics depends drastically on external parameters. We show that a single electron can very efficiently depolarize the nuclear spins and discuss two processes that can cause this depolarization. Conversely, in the absence of a quantum dot electron, the lifetime of nuclear spin polarization is on the time scale of a second, most likely limited by the non-secular terms of the nuclear dipole-dipole interaction. We can further suppress this depolarization rate by 1 − 2 orders of magnitude by applying an external magnetic field exceeding 1 mT.PACS numbers: 73.21. La, 78.67.Hc, 71.35.Pq, 71.70.Jp, 72.25.Fe, 72.25.Rb Optically active, self assembled single quantum dots (QDs) present an excellent system for studying optically induced dynamical nuclear spin polarization (DNSP) on an isolated ensemble of ∼ 10 4−5 nuclear spins. While the dynamics of DNSP of nuclei close to paramagnetic impurities in bulk semiconductors has already been studied [1], addressing a single, isolated island of spin polarized nuclei has not been possible up to now. Studying the dynamics of DNSP in a single QD has the advantage of removing effects of sample inhomogeneities and crosstalk between the individual islands of spin polarized nuclei. Also, the different atomic composition and strain distribution of the QD compared to its surrounding host material further decouples the QD nuclear spins from their environment. These facts distinguish the coupled QD electron-nuclear spin system as a well isolated system of a single electron spin, coupled to a slowly varying, small nuclear spin reservoir. A further interesting aspect of this system is its similarity to the Jaynes-Cummings model in quantum optics [2], with the fully polarized nuclear spin state corresponding to the cavity vacuum state. Controlling and understanding this system to a higher degree might lead to interesting experiments such as the coherent exchange of information between the electron and the nuclear spin reservoir [3,4].Optical orientation of QD nuclear spins has experimentally been demonstrated by a few groups [5,6,7,8,9]. However, the degree of DNSP achieved in these experiments has been limited to ∼ 10 − 20 percent. A detailed analysis of the formation as well as of the limiting factors of DNSP is thus required and might open ways to reach higher degrees of DNSP. A key ingredient for this understanding is the knowledge of the relevant timescales of the dynamics of nuclear spin polarization. Many questions like the respective roles of nuclear spin diffusion, quadrupolar relaxation and trapped excess QD charges on the depolarization of the nuclear spin system remain open up to now. While the buildup time of DNSP (τ buildup ) is likely to be dependant on the way the nuclear spin system is addressed, the DNSP ...