This paper is concerned with the convergence of power sequences and stability of Hilbert space operators, where “convergence” and “stability” are considered with respect to weak, strong and norm topologies. It is proved that an operator has a convergent power sequence if and only if it is a (not necessarily orthogonal) direct sum of an identity operator and a stable operator. This reduces the issue of convergence of the power sequence of an operator T to the study of stability of T. The question of when the limit of the power sequence is an orthogonal projection is investigated. Among operators sharing this property are hyponormal and contractive ones. In particular, a hyponormal or a contractive operator with no identity part is stable if and only if its power sequence is convergent. In turn, a unitary operator has a weakly convergent power sequence if and only if its singular-continuous part is weakly stable and its singular-discrete part is the identity. Characterizations of the convergence of power sequences and stability of subnormal operators are given in terms of semispectral measures.