Understanding the detailed eruptive history and conditions during the buildup to catastrophic caldera-forming eruptions is essential for understanding the evolution of caldera volcanoes and predicting eruptive hazards. Towada Volcano is an active caldera volcano in the northern part of the Northeast Japan Arc. At least two catastrophic caldera-forming eruptions (eruptive episodes N and L) occurred during its caldera-forming stage (61–15.7 ka). A detailed geological survey identified three small vulcanian tephra layers that were erupted during the caldera-forming stage. The tephra layers are blue–gray ash fall deposits that consist mainly of fresh blocky dacite–rhyolite fragments. In ascending order, these deposits are assigned to eruptive episodes O′, N′, and M′. Each eruption had a volume of <0.11 km3, which is much smaller than that of other eruptions during the caldera-forming stage. The eruptive ages of episodes O′, N′, and M′ are estimated to be ca. 40, 23.1, and 17.2 ka, respectively, based on new 14C ages and paleosol thicknesses data. At least three cycles of a medium- to large-scale (3–20 km3) explosive eruption, preceded by a small vulcanian eruption (<0.11 km3), occurred during the latter half of the caldera-forming stage. The small vulcanian eruptions (episodes O′, N′, and M′) occurred after relatively long periods of quiescence (4000–14,000 years) and were followed by medium- to large-scale explosive eruptions (episodes N, M, and L) 1500–4000 years later. This cyclic activity probably reflects changes in overpressure in the magma reservoir. As the overpressure increased, episodes O′, N′, and M′ probably occurred when the overpressure had not increased sufficiently to trigger a medium- to large-scale explosive eruption, and episodes N, M, and L occurred at higher overpressures. These cycles characterize the fermentation phase of Towada Volcano, and terminated with the formation of the Towada Caldera during episode L at 15.7 ka. The magma composition and eruption frequency changed abruptly after episode L, and a small stratovolcano was formed through intermittent eruptions of mafic magma. This change suggests that the caldera collapse during episode L changed the entire shallow magmatic system that existed during the fermentation phase, and the system shifted to a recovery (post-caldera) phase. Based on eruptive volumes and frequencies, the present Towada Volcano has not yet reached the conditions that existed during the late caldera-forming stage and is therefore unlikely to produce a catastrophic caldera-forming eruption in the near future.