Abstract Despite growing interest in using phylogenetic and functional methods to understand community assembly, few studies have examined how these methods can be used to assess seasonal variation in assembly mechanisms among migrant species. Migration can rapidly alter the relative influence of stochastic processes, species interactions, or environmental factors in shaping communities across seasons. Here, we describe seasonal dynamics in the phylogenetic and functional diversity of waterbirds in Mai Po Wetland, a subtropical region with significant and predictable temporal variation in climate and migratory bird density. Phylogenetic α diversity varied seasonally, exhibiting a clustered structure (indicative of environmental filtering) in summer, and over‐dispersed structure (indicative of biotic filtering) in winter. Phylogenetic diversity in spring and autumn exhibited a more intermediate, random structure, consistent with stochastic arrivals and departures of migrants. Functional diversity was clustered in spring but showed over‐dispersion in the other three seasons. Phylogenetic β diversity in summer and winter assemblages was characterized by two distinct groups, while spring and autumn assemblages were mixed. Our results suggest that waterbird assemblages were primarily shaped by interspecific competition in winter, while random processes tended to shape assemblages in spring and fall. Environmental factors played a more important role in summer, during periods of high heat stress. In addition, species co‐occurrence patterns were significantly more strongly related to phylogenetic similarity in winter than in summer. Our results suggest that the relative importance of assemblage mechanisms can vary seasonally in response to changing environmental conditions, suggesting that studies attempting to infer a single dominant assembly mechanism may ignore important assembly processes. Temporal shifts in assembly mechanisms may play an important role in maintaining diversity in subtropical and temperate wetlands and perhaps also in other dynamic systems.