The article examines recent Caspian Sea level change by using both satellite radar altimetry and satellite gravity data. The altimetry record for 2002–2015 shows a declining level at a rate that is approximately 20 times greater than the rate of global sea level rise. Seasonal fluctuations are also much larger than in the world oceans. With a clearly defined geographic region and dominant signal magnitude, variations in the sea level and associated mass changes provide an excellent way to compare various approaches for processing satellite gravity data.