Patterns of growth and seasonal variation in body mass, kidney fat level, and bone marrow fat level were investigated in a roe deer population south of Paris. Size dimorphism was not apparent until the deer were 2 years of age, following a second period of rapid growth in males during spring–summer. No differences between the sexes in fat accumulation or in the periodicity of the annual fat cycle were observed. However, annual cycles of adult body mass were asynchronous between the sexes. Carcase mass was stable for much of the year, but one marked seasonal decline was observed in animals of each sex. For females (April–August) this reflected investment in late gestation and lactation, but among males (April–November) it was presumably linked to the costs of rutting. Contrary to reports for other ungulates, no over-winter decline in adult carcase mass, kidney fat level, or bone marrow fat level was observed, possibly because winters were mild. All four fat indices (kidney fat index, three bone-marrow fat indices) declined over spring–summer. This seasonal cyclicity does not match the energy requirements of reproductive activity, suggesting that the fat cycle is intrinsic, linked to seasonal metabolic variation in roe deer. We suggest that carcase mass is a more reliable index of condition in roe deer.