Inbreeding depression is a major selective force that maintains outcrossing in flowering plants. If the long life and large mature size of trees cause high inbreeding depression via mitotic mutations and half-sib competition, these characteristics may increase inbreeding depression sufficiently to maintain traits that facilitate outcrossing even with high primary selfing rates (proportion of selfed ovules). Here, I report the maintenance of inbreeding depression in a population of a tree (Magnolia obovata Thunb.) with primary selfing rates greater than 0.8 resulting from geitonogamy. The progenies exhibited inbreeding depression for germination, seedling survival, and seedling mass (δ = 0.29–0.38), but no significant difference between crossing type in seedling height. Cumulative inbreeding depression for early survival (from zygote to 2-year-old stage) estimated from these results and from prior data on embryonic survival was high (δe = 0.91). The fixation index at maturity based on six allozyme loci was low (Fis = 0.08), indicating that significant inbreeding depression for late survival results in a low level of inbreeding with respect to gene transmission to the next generation. From these results, I estimated that inbreeding depression for late and lifetime survival equaled 0.69 and 0.97, respectively. These results suggest that M. obovata trees maintain high inbreeding depression at both early and late life stages, resulting in a low level of inbreeding despite a high primary selfing rate. The high inbreeding depression can be explained by previous theories and is consistent with the predicted maintenance of inbreeding depression in highly self-fertilizing tree populations. The inbreeding load due to the high primary selfing rate represents a cost of this tree’s pollination system for outcrossing, which is based on automimicry and mass flowering.