The evolution of anchor ice during river freeze-up is known to significantly influence sediment transport, fish habitats, and river hydrology during winter. It may also lead to the formation of anchor ice dams and the generation of anchor ice waves that can cause flooding. Many of the previous field studies of anchor ice focused on the conditions leading to its formation and release, its crystal structure and properties, and the evaluation of its impacts. However, direct measurements of the temporal variation of anchor ice in rivers are rare, which has limited our understanding of this important and dynamic ice form. In this study, six anchor ice events were measured on two Canadian rivers using an underwater camera system, accompanied by comprehensive measurements of weather and hydraulic data and frazil ice concentrations. The temporal evolution of anchor ice was observed to occur in one of three stages: growth, stable, or decay. The direction (i.e., upward or downward) and trend of the net air–water heat flux reliably indicated the timing of these three stages. Anchor ice growth in the majority of events was through a combination of frazil accretion and in-situ crystal growth, resulting in event-averaged growth rates from 0.48 to 1.77 cm/h. Anchor ice grew solely through frazil accretion when snowfall occurred, with event-averaged growth rates from 1.64 to 3.53 cm/h. Anchor ice decay occurred through the thermal thinning of accumulations at an average decay rate of −0.48 to −2.52 cm/h. Anchor ice release was controlled by thermal factors and always occurred after the end of supercooling. Frazil accretion rates were estimated using measurements of anchor ice growth rates and suspended frazil concentrations and ranged from 2.6 × 10−3 to 6.0 × 10−3 m/s.