The Caspian Sea (CS), the world's largest inland sea, may also be considered as large-scale limnic system. Due to strong fluctuations of its water level during the 20th century and the flooding of vast areas in a highly vulnerable coastal zone, economic and environmental risk potentials have to be considered. Since the major water input into the CS is attributed to the Volga river, the understanding of its long-term flow process is necessary for an appropriate risk assessment for the CS and its coastal area. Therefore, a top–down approach based on statistical analyses of long-term Volga flow series is pursued. For the series of annual mean flow (MQ) of the Volga river basin during the 20th century, a complex oscillation pattern was identified. Analyses for multiple gauges in the Volga river basin and Eurasian reference basins revealed that this oscillation pattern resulted from the superposition of oscillations with periods of ∼30 years (MQ) in the western part of the Volga river basin, and ∼14 years (flow volume of snowmelt events) and ∼20 years (flow volume of summer and autumn) in the eastern part of the Volga river basin (Kama river basin). Almost synchronous minima or maxima of these oscillations occurred just in the periods of substantial changes of the Caspian Sea level (CSL). It can thus be assumed that the described mechanism is fundamental for an understanding of the CSL development during the 20th century. Regarding the global climate change, it is still difficult to predict reliably the development of the CSL for the 21st century. Consequently, we suggest an ongoing, interdisciplinary research co-operation among climatology, hydrology, hydraulics, ecology and spatial data management.