Volcanic unrest in calderas can be exhibited through a variety of different mechanisms, such as changes in seismicity and ground deformation, as well as variations in thermal and/or gas emissions. However, not all caldera unrest results in explosive caldera-forming volcanic activity. Alternative activity may include periods of quiescence, passive degassing, effusive activity (e.g., lava flows lava lakes and dome formation), and/or magma injection into the shallow magma system. In this study, we perform a long-term study (spanning 2011–2019) of ground deformation at Masaya using six Interferometric Synthetic Aperture Radar (InSAR) datasets. Masaya exhibited bi-modal eruptive behavior between 2011 and 2019, dominated by open-vent lava lake activity and punctuated by short-lived summit explosions. The Multidimensional Small BAseline Subset time-series analysis approach was used to take advantage of the temporally dense SAR datasets. Between 2012 and early 2015, we observed degassing-induced pressurization of the Masaya Central Reservoir (MCR) at an estimated volume change rate of ~ 0.28 × ­106 ­m3/year. In May 2015, magma was supplied into the MCR at a rate of ~ 5.6 × ­106 ­m3/year, leading to the appearance of a summit lava lake in December 2015. Over the next 6 months, rapid magma supply continued to drive lava lake activity and was followed by a cessation of magma supply into the MCR for another 11 months. From mid-2017 to end-2019, we observed depressurization (~ − 0.67 × ­106 ­m3/year) of the MCR due to a lack of magma supply and continued high rates of degassing in-conjunction with declining lava lake activity.