On August 14, 2015 Cotopaxi Volcano (Ecuador) erupted with several phreatomagmatic explosions after nearly 135 years of quiescence. Unrest began in April 2015 with an increase in the number of daily seismic events and inflation of the flanks of the volcano. Time-lapse gravity measurements started at Cotopaxi volcano in June 2015. Although minor gravity changes were detected prior to eruptive activity, however, the largest gravity variations at Cotopaxi were measured between October 2015 and March 2016, when other geophysical parameters had reached background levels. Inverse modelling of GPS data suggests a deep intrusion prior to the eruptive activity, while inverse modelling of post-eruptive gravity changes suggests variations in the volcano hydrothermal system. Deformation, seismicity, and gravity changes are consistent with the intrusion of a deep magmatic source between April and August 2015. Part of the magma rose from depth and interacted with the hydrothermal system, causing the phreatomagmatic activity and pushing hydrothermal fluids from a deep aquifer into a shallow perched aquifer.