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Forest pest populations can fluctuate dramatically in relation to climate and density-dependent factors. Although the distributional range of the pine processionary moth Thaumetopoea pityocampa (Lepidoptera Notodontidae) appears to be expanding northward and upslope with climate warming, the relative importance of climate and endogenous, density-dependent factors has not been clearly documented. We analyzed the population dynamics of the moth using long-term data from two provinces in the Southern Alps (Trento: 1990–2009, Bolzano/Bozen: 1975–2011) to evaluate the relative importance of climate and density-dependent factors as regional drivers. Both summer temperatures and rainfall significantly affected population growth rate, with different outcomes depending on the local conditions. Although previous studies indicated that low winter temperatures have negative effects on insect performance, our analyses did not show any negative effect on the population dynamics. A negative density dependent feedback with a 1-year lag emerged as the most important factor driving the population dynamics in both regions. Potential mechanisms explaining the observed negative density feedback include deterioration of host quality, increased mortality caused by pathogens, and increase of prolonged diapause as an adaptive mechanism to escape adverse conditions.