The floor of Masaya caldera is mainly covered by poorly vegetated lava, indicating resurfacing within the past 1000 or so years, but only two lava flows have erupted since the sixteenth century. The first, in 1670, was an overflow from the Nindiri crater, which at that time hosted a 1-km-wide lava lake. The other, in 1772, issued from a fissure on the flank of the Masaya cone. Since 1772, lava has appeared at the surface only in the Santiago pit crater (presently active and persistently degassing) and possibly within Nindiri crater in 1852. A lake occupies the far eastern end of the caldera.
Masaya continually emits large amounts of surfur dioxide gas (from the active Santiago crater) and volcanologists study this (amongst other signs) to better understand the behavior of the volcano and also evaluate the impact of acid rain and the potential for health problems.
Other eruptive events have occurred in the last 50 years. On November 22, 1999, the Masaya Volcano appears to have begun a new eruptive event. A hot spot appeared on satellite imagery, and there was a possible explosion. On April 23, 2001 the crater exploded and formed a new vent in the bottom of the crater. The explosion sent rocks with diameters up to 60 cm which travelled up to 500 m from the crater. Vehicles in the visitors area were damaged and one person was injured. On October 4, 2003 an eruption cloud was reported at Masaya. The plume rose to a height of ~4.6 km.