Humans are transforming the ecology of the Earth through rapid changes in land use and climate. These changes can affect tropical forest structure, dynamics and diversity. While numerous studies have focused on diversity metrics, other aspects of forest function, such as long-term biomass dynamics, are often less considered. We evaluated plant community structure change (i.e., abundance, diversity, composition, and aboveground biomass) in a 2.25 ha forest dynamics plot located within a similar to 365 ha reserve in southern Costa Rica. We censused, mapped and identified to species all plants >= 5 cm diameter at breast height (DBH) in three surveys spanning 2010-2020. While there were no changes in late-successional species diversity, there were marked changes in overall species composition and biomass. Abundance of large (>= 40 cm DBH) old-growth dense-wooded trees (e.g., Lauraceae, Rosaceae) decreased dramatically (27%), leading to major biomass decline over time, possibly driven by recent and recurrent drought events. Gaps created by large trees were colonized by early-successional species, but these recruits did not make up for the biomass lost. Finally, stem abundance increased by 20%, driven by increasing dominance of Hampea appendiculata. While results suggest this reserve may effectively conserve overall plant diversity, this may mask other key shifts such as large aboveground biomass loss. If this pattern is pervasive across tropical forest reserves, it could hamper efforts to preserve forest structure and ecosystem services (e.g., carbon storage). Monitoring programs could better assess carbon trends in reserves over time simply by tracking large tree dynamics.