Predator–prey relationships are of great significance to ecosystems, and their effects on the population dynamics of voles and lemmings (Microtinae) in Boreal and Arctic environments have long been of particular interest. A simple ecosystem with one major prey and one major predator could be an ideal setting for a study of their interactions. This is the situation on several small islands on the coast of northern Norway just below the Arctic Circle, with populations of water voles Arvicola amphibius preyed upon by the eagle owl Bubo bubo. The population dynamics of the water vole was studied by trapping and tagging in 2003–2018, eagle owl pellets were collected for analyses, eagle owl breeding attempts were recorded, and some weather variables collected from official recordings. After having been introduced well into the study period, the number of sheep Ovis aries was also recorded. Water voles were the main prey of the eagle owl, with 89% occurrence in pellets, with an overrepresentation of adults and males. Both predation, sheep grazing and extreme weather events influenced the vole population. Predator exclusion, as happened in three summers due to an intensive radio tracking study, especially increased the number of surviving young (in particular from the early cohorts) and the mass of adults. Extreme weather events, such as flooding in summer and deeply frozen ground in winter, most significantly reduced vole populations. Sheep grazing may exacerbate the effects of predation. A similar multitude of factors may affect populations of other rodent species as well.