This paper presents the results of a geotechnical investigation regarding the slope stability in a pit lake, emphasizing the impact of water level variations. Advanced analysis techniques were utilized for this study. The research was performed by using fully coupled flow-deformation analyses. For the fully coupled approach, Bishop’s effective-stress equation was used, and for the description of soil hydraulic behavior, the Van Genuchten’s model was applied. The analysis of slope stability associated with reservoir water level changes revealed that the slope tended to become unstable as the water level decreased; the stability factor was negatively related to the rate of water level reduction. Concerning the water level fluctuations, the analyses revealed that the soil mass seemed to become less stable as the rate of water level change increased. Under a specific range of rates of water level variation, the safety factor became higher as the number of fluctuations increased. Additionally, the simulation results concerning the water level rising indicate that the pressure due to the external water level acts on the slope surface with a positive impact on the stability factor. The results obtained reflect the effects under a specific site condition, but they can be used as a reference for evaluating slope stability in a pit lake design.