Despite the important ecological roles of commercial bêche-de-mer holothuroids in coral reef ecosystems their reproductive biology is poorly studied, including on the Great Barrier Reef (GBR). We investigated reproduction of Stichopus herrmanni, a commercially important species listed as Vulnerable, at One Tree Island, southern GBR. Gonad index, histology and spawning observations indicated an annual reproductive cycle with gamete release in the Austral spring and summer (November–February), as for populations of this species at a similar latitude in New Caledonia. Stichopus herrmanni releases gametes episodically, spawning multiple times during summer. Assimilation of spawning observations from OTI and elsewhere along the GBR and tropical Pacific revealed that gamete release by S. herrmanni is influenced by the lunar cycle, with spawning taking place around the new moon in summer. This species is an aggregative spawner with a behavioural change to attain elevated positions on the reef at dusk prior to spawning. After the spawning season, gametes remaining in the gonads are reabsorbed. Spent gonads completely lacked gametes. There was a quiescence in gonad development in winter with an absence of gonads in some specimens, indicating an aestivation-like period for reproduction. By late-winter (August) recovery stage gonads were distinguished by the initiation of gametogenesis, which coincided with increasing temperature and day length. Our findings contribute to the understanding of the reproductive biology of S. herrmanni, a consideration for future fisheries management in the protection of this Vulnerable species, especially with respect to the increasing global trade in bêche-de-mer.