AbstractThe importance of iron as a limiting nutrient in the open ocean is widely recognized, but there is substantial uncertainty about the rate that it cycles in the marine environment. Here, we combine measurements from the water column, sediment traps, and incubations to constrain Fe turnover during summer at Station ALOHA in the North Pacific Subtropical Gyre. Using low levels of ⁵⁷Fe–⁵⁸Fe double spike, measured with high precision by multi‐collector inductively coupled plasma mass spectrometry, we find Fe uptake rates of 30–60 pM d⁻¹ throughout the euphotic zone. Dissolved Fe turnover times are estimated at 10–15 d in the mixed layer and 1–3 d near the deep chlorophyll maximum. Aerosol Fe supply inferred from a thorium isotope mass balance indicates that the dissolved Fe residence time is approximately 6 months in the upper euphotic zone (0–75 m), relative to external sources, and 2 months in the lower euphotic zone (75–150 m). To reconcile these observations, the average Fe atom must be recycled over 25 times at Station ALOHA in both the upper and lower euphotic zones (an “Fe ratio” equal to 0.04 and 0.03, respectively), a level of conservation that has only been documented in Fe‐limited regions thus far. At steady state, this scenario requires an aerosol Fe solubility of 4.5%, which is similar to dissolution experiments from Pacific Ocean aerosols. Our results suggest that the oligotrophic ocean is capable of recycling iron efficiently even when these ecosystems are not demonstrably iron‐limited.