The studies of seasonal phytoplankton dynamics, its growth rate, and microzooplankton grazing were conducted on two stations in the western Black Sea coastal waters near Sevastopol from January 2021 to December 2022. The phytoplankton species composition has remained relatively the same during recent years compared to the end of the last century and the beginning of the 2000s. However, significant changes have occurred in the ratio between different species of diatoms, and the proportion of dinoflagellates was increased, especially in the autumn. Large diatoms and dinoflagellates play a crucial role in forming the phytoplankton biomass seasonal peaks. The first central maximum was observed in July, and the second smaller one was in September–November. Whereas two decades ago, the small diatoms generated three peaks annually: in February, May, and September–October. The maximum values of the phytoplankton growth rate and the rate of its consumption by microzooplankton decreased 2–3 times compared to the beginning of the 2000s. The relative share of primary production consumed by microzooplankton annually averages 35%, two times lower than before.