Résumé : Taal volcano (Luzon Island, Philippines) has last erupted in 1977 but has known some periods of increased activity, characterised by seismic swarms, ground deformation, increased carbon dioxide flux and in some cases temperature anomalies and the opening of fissures. We studied major, trace element and sulphur and strontium isotopic composition of Taal lake waters and hot springs over a period of 25 years to investigate the geochemical evolution of Taal volcano's hydrothermal system and its response to volcanic unrest.Long-term evolution of Main Crater Lake (MCL) composition shows a slow but consistent decrease of acidity, SO4, Mg, Fe and Al concentrations and a trend from light to heavy sulphate, consistent with a general decrease of volcanic gases dissolving in the hydrothermal system. Na, K and Cl concentrations remain constant indicating a non-volcanic origin for these elements. Sulphate and strontium isotopic data suggest this neutral chloride-rich component represents input of geothermal water into Taal hydrothermal system. A significant deviation from the long-term baseline can be seen in two samples from 1995. That year, pH dropped from 2.6 to 2.2, F, Si and Fe concentrations increased and Na, K and Cl concentrations decreased. Sulphate was depleted in 34S and temperature was 4 °C above baseline level at the time of sampling. We attribute these changes to the shallow intrusion of a degassing magma body during the unrest in 1991–1994.More recent unrest periods have not caused significant changes in the geochemistry of Taal hydrothermal waters and are therefore unlikely to have been triggered by shallow magma intrusion. A more likely cause for these events is thus pressurisation of the hydrothermal reservoir by increasing degassing from a stagnant magma reservoir. Our study indicates that new magmatic intrusions that might lead to the next eruption of Taal volcano are expected to change the geochemistry of MCL in the same way as in 1994–1995, with the most notable effects being changes in temperature, pH, F and Si concentrations.