AbstractTemporal changes in seismic velocity estimated from ambient seismic noise can be utilized to infer subsurface properties at volcanic systems. In this study, we process 7 years of continuous seismic noise at Axial Seamount and use cross‐correlation functions to calculate the relative seismic velocity changes (dv/v) beneath the caldera. We find a long‐term trend of decreasing velocity during rapid inflation, followed by slight increase in velocities as background seismicity increases and inflation rate decreases. Furthermore, we observe small short‐term increases in dv/v which coincide with short‐term deflation events. Our observations of changes in dv/v and their correlation with other geophysical data provide insights into how the top ∼1 km of the crust at Axial Seamount changes in response to subsurface magma movement and capture the transition from a period of rapid reinflation to a period where the caldera wall faults become critically stressed and must rupture to accommodate further inflation.