High plasticity in cephalopod populations shows dramatic changes in their biological traits. Commercial catches of Mayan octopus (Octopus maya) in six localities of the state of Campeche, Mexico, were sampled monthly for five consecutive fishing seasons (2005–2009) in order to describe variations in population structure and maturation. Octopus maya grows and matures during the fishing season, from August to December. Spent individuals predominate in January and February, revealing a year-long life cycle. However, the presence of a few spent females in all months sampled suggests that a small part of the population shows an extended spawning period. Overall sex ratios did not significantly shift from the expected 1:1 in most samples. Males are mostly mature while the majority of females are immature during the season. Use of illegal fishing gears (spear diving or pots) in central localities accounts for a larger share in mature females. Octopus size showed large interannual and geographic differences. Females mature at a larger size (1024 g body weight, BW; 124 mm mantle length, ML) than males (484 g BW; 91 mm ML). Size at maturity in both sexes varies more between seasons than between localities. Female ML at maturity is larger than the current minimum legal size and implications for current octopus fishing regulations are discussed.