In situ data on the daily dynamics of pH, [O2], and Eh values at five water layer depths were obtained. Some regularities have been established: All these parameters are characterized by significant diurnal fluctuations and their daily cyclic recurrence; the diurnal cycles of pH and [O2] nearly coincide (they show close extreme points on the time scale); the Eh cycles are less distinct and antisymbatic to the pH and [O2] cycles, but typical Eh extremes sometimes lag by 2–3 h. These data were analyzed using the principle of equilibrium locality and partiality. The main flows of O2 and CO2 in the system have been revealed with regard to the water layer–atmosphere gas exchange, absorption of CO2 by phytoplankton in the photic layer, breathing of phyto- and zooplankton, birth and die-off of biota, settling of mortomass, and redistribution of detailed components within the water layer as well as between it and the bottom sediments. On the basis of the results obtained, the known technique for estimating the content of primary photosynthesis products (Bruevich’s method) was corrected. The used generalized algorithm of chemical thermodynamic analysis of the substance state in aqueous systems can be applied to waters of different classes as well as any surficial waters if Eh, pH, and [O2] are taken into account.