Municipal wastewater treatment plants (WWTPs) are crucial for maintaining good quality of surface water, limiting environmental pollution. However, during wet-weather events, WWTPs become an important point-source discharge due to the activation of the bypass, which releases a mix of untreated wastewater and stormwater. This work aims to assess how the WWTP discharges (effluent and bypass) impact on the receiving surface water body during dry- and wet-weather, monitoring 78 pollutants (7 conventional pollutants, 19 heavy metals, and 52 micropollutants) in each stream (effluent during dry-weather, effluent and bypass during wet-weather), including the influent in dry-weather for comparison. The occurrence, concentration levels and variability, and environmental risk were addressed, with a specific focus on high-resolution (up to 20-min) sampling of the bypass, based on the expected relevant temporal dynamicity. A wider range of pollutants occurred in the bypass, included undetected compounds in the dry-weather influent. Besides, a greater inter-events variability in bypass concentrations was observed, but smaller intra-event variability, with only some pollutants exhibiting a distinct first-flush effect. To address the challenge of a cost-effective bypass monitoring, we explored the applicability of readily measurable water quality parameters (total suspended solids and electrical conductivity) as proxies for micropollutants. Correlations between these parameters and specific pollutant groups suggest a promising path for further investigation and broader application. The magnitude of the rain event also affected concentration levels, with event volume clearly affecting pollutants dilution. The environmental risk assessment revealed a significantly higher risk associated to bypass discharge compared to the effluent, especially for conventional pollutants, metals, and terbutryn, highlighting the urgency of improved bypass management strategies. Overall, this study highlights the contribution of wet-weather discharges from WWTPs, emphasizing the importance of high-frequency bypass monitoring to capture peak pollutant concentrations and accurately assess the environmental risk.