Increased variability in lake and river water levels associated with changing climate could impact the fate and effects of metals in redox-sensitive sediments through the alteration of microbial communities and of acid-base and redox chemistry. The objective of the present study was to determine the influence of water level fluctuation on metal speciation in porewater and predict environmental risk to high-carbonate systems. Using experimental microcosms with sediments collected from 4 metal-contaminated coastal freshwater wetlands in Michigan, USA, we conducted water level fluctuation experiments. Porewater and sediment metals (Ca, Cu, Fe, Mg, Mn, Ni, Zn) and important metal binding phases (iron-oxide speciation, acid-volatile sulfide) were quantified. In a short-term drying (seiche) experiment, there were decreases in all porewater metals after inundation of saturated sediments. During a drought experiment, re-inundation of oxidized sediments increased porewater Cu, Zn, Mg, Ca for most sites. Porewater Zn increased after inundation to levels exceeding the US Environmental Protection Agency threshold for chronic toxicity. These data show that the dissolution of metal carbonates and metal sulfates contributes to metal release after re-flooding and indicate that we might expect increased ecological risk to organisms present in drought-sensitive regions where altered hydroperiods are likely to increase metal bioavailability. Environ Toxicol Chem 2017;36:2456-2464. © 2017 SETAC.