We evaluated the main environmental factors (abiotic and biotic) driving the phytoplankton community in a shallow tropical reservoir located in an environmentally protected area. Phytoplankton samples were collected from the surface and bottom of the reservoir. The phytoplankton samples were later identified at the species level, and the species were further assigned to morphology-based functional groups (MBFGs). Zooplankton were sampled through vertical haul, communities were identified to species level, and functional diversity was estimated based on community-weighted means (CWM). Phytoplankton MBFGs IV, V, and VI contributed the most to the biomass under high light availability coupled with low nutrient availability. Potentially toxic cyanobacteria from MBFG III were observed during thermal stratification. Hydraulic mixing plays a crucial role in reducing the phytoplankton biomass during the warmer/rainy season. Cyclopoid copepods accounted for more than 83% of the zooplankton biomass. There was a weak but significant effect of zooplankton functional diversity on phytoplankton functional diversity, mainly because of the dominance of small zooplankton. Altogether, our findings suggest that environmental filtering plays a greater role than zooplankton grazing in phytoplankton community structure in this shallow tropical reservoir.