Polar cod (Boreogadus saida) is the most abundant fish in the US Arctic (US Chukchi and Beaufort seas), where commercial fishing is currently prohibited because data to assess the sustainability of potential fisheries are lacking. Using data from fisheries oceanographic surveys in the US Chukchi Sea during 2012 and 2013 (August–September), we examined drivers of distribution and abundance, and assessed the current status and dynamics of polar cod. We estimated age structure, abundance, biomass, natural mortality, and reproductive potential using data from these surveys, combined with available estimates of biological parameters from the literature. High densities of age-0 polar cod were observed in the northeastern Chukchi Sea, while older polar cod (age-1+) were more widely distributed throughout the survey area. Results indicate that temperature is an important driver for the distribution of both age-0 and age-1+ polar cod with age-0 polar cod less likely to be present in warmer waters (≥ 8 °C), which supports past research on drivers of fish and other ectotherm species distribution. Estimates of egg production and early survival suggest that the numbers of mature polar cod present in the survey area during summer are unlikely to produce the observed high abundances of age-0 polar cod in the US Chukchi Sea. This could imply that either mature polar cod migrate to the Chukchi Sea to spawn in the winter, that age-0 fish are advected from outside the study area, or that adult polar cod abundance is underestimated. Additional systematic surveys and further research are needed to resolve the origins of age-0 polar cod, identify nursery areas, and estimate early life survival.