Increasing air temperatures may result in stronger lake stratification, potentially altering nutrient and biogenic gas cycling. We assessed the impact of climate forcing by comparing the influence of stratification on oxygen, nutrients, and global-warming potential (GWP) of greenhouse gases (the sum of CH4, CO2, and N2O in CO2 equivalents) emitted from a shallow productive lake during an average versus a heat-wave year. Strong stratification during the heat wave was accompanied by an algal bloom and chemically enhanced carbon uptake. Solar energy trapped at the surface created a colder, isolated hypolimnion, resulting in lower ebullition and overall lower GWP during the hotter-than-average year. Furthermore, the dominant CH4 emission pathway shifted from ebullition to diffusion, with CH4 being produced at surprisingly high rates from sediments (1.2–4.1 mmol m–2 d–1). Accumulated gases trapped in the hypolimnion during the heat wave resulted in a peak efflux to the atmosphere during fall overturn when 70% of total emissions were released, with littoral zones acting as a hot spot. The impact of climate warming on the GWP of shallow lakes is a more complex interplay of phytoplankton dynamics, emission pathways, thermal structure, and chemical conditions, as well as seasonal and spatial variability, than previously reported.