AbstractWe use measurements of trace gases from the Microwave Limb Sounder and polar stratospheric clouds (PSCs) from the Cloud‐Aerosol Lidar with Orthogonal Polarization to investigate how the extraordinary stratospheric water vapor enhancement from the 2022 Hunga eruption affected polar processing during the 2023 Antarctic winter. Although the dynamical characteristics of the vortex itself were generally unexceptional, the excess moisture initially raised PSC formation threshold temperatures above typical values. Cold conditions, especially in early July, prompted ice PSC formation and unusually severe irreversible dehydration at higher levels (500–700 K), while atypical hydration occurred at lower levels (380–460 K). Heterogeneous chemical processing was more extensive, both vertically (up to 750–800 K) and temporally (earlier in the season), than in prior Antarctic winters. The resultant HCl depletion and ClO enhancement redefined their previously observed ranges at and above 600 K. Albeit unmatched in the satellite record, the early‐winter upper‐level chlorine activation was insufficient to induce substantial ozone loss. Chlorine activation, denitrification, and dehydration processes ran to completion by July/August, with trace gas evolution mostly following the climatological mean thereafter, but with chlorine deactivation starting slightly later than usual. While cumulative ozone losses at 410–550 K were relatively large, probably because of the delayed chlorine deactivation, they were not unprecedented. Thus, ozone depletion was unremarkable throughout the lower stratosphere. Although Hunga enhanced PSC formation and chemical processing in early winter, saturation of lower stratospheric denitrification, dehydration, and chlorine activation (as is typical in the Antarctic) prevented an exceptionally severe ozone hole in 2023.