Optimal harvesting strategies for an ungulate population are estimated using stochastic dynamic programming. Data on the Llano Basin white-tailed deer (Odocoileus virginianus) population were used to construct a 2-variable population dynamics model. The model provided the basis for estimating optimal harvesting strategies as a feedback function of the current values of the state variables (prefawning older deer and juveniles). Optimal harvest strategies were insensitive to assumptions about the probability distributions of the stochastic variable (rainfall). The response of the population components to harvesting and the returns obtained from applying optimal strategies were explored through simulation. Mean annual harvest is about 15% of the population. Simplified harvesting strategies based on age-ratios as well as a simplified version based on optimal strategies—but assuming persisting equilibrium juvenile deer density—were compared to optimal strategies through examining values of information. Simplified harvesting strategies lead to a lower harvest over a 50-year simulation period.