The increase in global air temperatures as well as variability in rainfall shifts due to climate change has been affecting the dynamics of water level fluctuations and thermal regimes in lakes and reservoirs. It is expected that at the end of this decade, such impacts will be even more noticeable and may harm the inland waters use. However, little is known about the possible consequences of climate change in multipurpose subtropical reservoirs. Using data generated by a regionalized climate model (RCM) as input to a simple hydrological model and a one-dimensional vertical hydrodynamic model, we forecast potential changes in the Itupararanga reservoir, Sao Paulo, Brazil, in an exemplary time period (2028–2030) in the next decade. Two Representative Concentration Pathway (RCP) scenarios were considered: an optimistic one corresponding to a CO2 increase of about 650 ppm (RCP 4.5) and a pessimistic scenario where CO2 exceeds 1000 ppm in 2100 (RCP 8.5). We found a significant reduction in the reservoir water level for both scenarios of 35% compared to current conditions. The surface water temperature is expected to increase (+0.6 °C); on the other hand, there would be a cooling of the hypolimnion (RCP 4.5 =-0.3 °C; RCP 8.5 = −1.2 °C). Another consequence is an increase of the duration of stratification periods that would start earlier in the dry period (between July and August), as well as the intensification of the stability of the water column (+43% compared to current conditions) and a deepening of the thermocline. The hydrodynamic modeling results suggest that the water level drop may threaten the reservoir multiple uses, in particular drinking water supply and power generation. Furthermore, the heating of surface water layers and increase of the number of stratified days and thermal stability can have negative impacts on water quality.