In this paper we evaluated the population dynamics and obtained estimates of the net primary production of the aquatic macrophyte Nymphaea rudgeana in an arm of the Itanhaém River (São Paulo State, Brazil). This species presents, in the studied area, a broad seasonal variation of biomass. As from November (13.1 g DW/m2) we observed a gradual increase of biomass that reached a maximum in February (163.1 g DW/m2). Then, the biomass decreased, maintaining low levels until a new growth period. The reduction of biomass is associated to the development of floating aquatic macrophytes (Pistia stratiotes and Salvinia molesta) and, subsequently to environmental factors (higher salinity values) that are unfavorable to their development. The net primary production of N. rudgeana was estimated from the biomass data, and the annual productivity value was estimated between 3.02 and 3.82 t/ha/year.