Lake level, area and volume are sensitive indicators of climate change. At present, many studies have focused on the interannual water balance of lakes, but lake level and area can change remarkably with seasons, especially for lakes with seasonal ice cover. Zhari Namco, a seasonal frozen lake, was selected as an example to investigate its seasonal water balance. Multi-source altimetry and Landsat data were used to obtain the seasonal lake level and area from 1992 to 2019, and seasonal lake volume variations were also estimated. The results indicated the average lake level, area and volume in autumn were the largest. The lake level, area, and volume experienced three turning points approximately in 2000, 2010, and 2016, and showed an overall increasing trend from 1992 to 2019, with slopes of 0.15 m/year, 2.17 km2/year, and 0.14 km3/year, respectively. The lake area expanded significantly in autumn, which was related to the abundant precipitation. Delay time of land surface runoff, increased temperature, and evaporation may be the reason for the low lake level and volume in summer. The precipitation was the dominant factor of water balance, which explained 62.09%, 62.43%, and 62.10% of the variations in lake level, area, and volume, respectively.