Campi Flegrei (CF) is a large volcanic complex located west of the city of Naples, Italy. Repeated episodes of bradyseism (slow vertical ground movement) near the town of Pozzuoli have been documented since Roman times. Bradyseismic events are interpreted as the consequence of aqueous fluid exsolution during magma solidification on a slow timescale (103–104 yr) superimposed upon a shorter (1–10 yr) timescale for the episodic expulsion of fluid from a deep (~ 3–5 km) lithostatically-pressured low-permeability reservoir to an overlying hydrostatic reservoir. Cycles of inflation and deflation occur during short duration transient events when connectivity is established between deep and shallow hydrothermal reservoirs. The total seismic energy released (4 × 1013 J) during the 1983–1984 bradyseismic crisis is consistent with the observed volume change (uplift) and consistent with the notion that seismic failure occurs in response to the shear stress release induced by volume change. Fluid transport and concomitant propagation of hydrofractures as fluid expands from lithostatic to hydrostatic pressure during decompression leads to ground surface displacement. Fluid decompression occurs along the fluid isenthalp (Joule–Thompson expansion) during transient periods of reservoir connectivity and leads to mineral precipitation. Each kilogram of fluid precipitates about 3 × 10− 3 kg of silica along a typical decompression path along the isenthalp. Mineral precipitation modifies the permeability and acts to reseal connection paths thereby isolating lithostatic and hydrostatic reservoirs ending one bradyseism phase and beginning another. Crystallization and exsolution of the magmatic fluid generates ≈ 7 × 1015 J of mechanical (PΔV) energy, and this is sufficient to accomplish the observed uplift at CF. Although magma emplacement is the ultimate origin of bradyseism, fresh recharge of magma is not a prerequisite. Instead, short to intermediate timescale phenomena associated with fluid decompression and expansion in the crust with large variations in permeability, including permeability anisotropy, are the key elements at CF.