Eucalyptus plantations are expanding rapidly in southern China owing to their short rotation periods and high wood yields. Determining the plantation dynamics of eucalyptus plantations facilitates accurate operational planning, maximizes benefits, and allows the scientific management and sustainable development of eucalyptus plantations. This study proposes a sliding-time-window change detection (STWCD) approach for the holistic characterization and analysis of eucalyptus plantation dynamics between 1990 and 2019 through dense Landsat time-series data. To achieve this, pre-processing was first conducted to obtain high-quality reflectance data and the monthly composite maximum normalized-difference vegetation index (NDVI) time series was determined for each Landsat pixel. Second, a sliding time window was used to segment the time series and obtain the NDVI change characteristics of the subsequent segments, and a sliding time window-based LandTrendr change detection algorithm was applied to detect the crucial growth or harvesting phases of the eucalyptus plantations. Third, pattern-matching technology was adopted based on the change detection results to determine the characteristics of the eucalyptus planting dynamics. Finally, we identified the management history of the eucalyptus plantations, including planting times, generations, and rotation cycles. The overall accuracy of eucalyptus identification was 90.08%, and the planting years of the validation samples and the planting years estimated by our algorithm revealed an apparent correlation of R2 = 0.98. The results showed that successive generations were mainly first- and second-generations, accounting for 75.79% and 19.83% of the total eucalyptus area, respectively. The rotation cycles of the eucalyptus plantations were predominantly in the range of 4–8 years. This study provides an effective approach for identifying eucalyptus plantation dynamics that can be applied to other short-rotation plantations.