The diel oxygen technique relying on automated in-situ measurements of dissolved oxygen was used as an indicator of seasonal and diurnal variations of photosynthesis in the circumneutral Laver pit lake in northern Sweden. From July to September 2017, surface water temperature, electrical conductivity, pH, and dissolved oxygen were continuously measured at a time resolution of 30 min using sensors mounted on a floating buoy. The data could be monitored in real-time using a browser-based software and permitted calculation of gross primary production (GPP), net ecosystem production (NEP), and respiration (R) in the lake. The dissolved O2 concentration showed a consistent pattern of diel variations that reached up to 0.5 mg L−1 during the warmer summer period (July–August). Towards the end of August these variations decreased in magnitude and remained at ∼0.1 mg L−1 throughout September. pH showed diel variations that mimicked those of dissolved O2, with maximum daily variations of 0.4–0.5 pH units during July and August. A seven-day moving average of GPP showed a peak during July to mid-August, and the maximum GPP value of 0.55 mg O2 L−1 day−1 is similar to those found in natural oligotrophic lakes. A phytoplankton sample showed a total biomass concentration of 24 μg L−1, with the species Chrysophyceae, Chlorophyta, and Bacillariophyta occurring in the water. Diel oxygen data indicated that respiration by autotrophs and respiration of autochthonous labile organic matter by heterotrophs dominated in the lake, as is often the case in lakes where planktonic primary production is the main supplier of labile organic carbon. A close coupling between R and GPP suggests that nearly all GPP was respired in the epilimnion. The study shows that the diel oxygen technique can be used for real-time monitoring of seasonal and diurnal variations of dissolved oxygen and pH in pit lakes. This would be a useful technique in pit lake remediation projects where fertilization is used to stimulate algal growth and metal sequestering by algae.