Abstract: Applying the time-dependent Ginzburg-Landau equations, transitions between metastable states of a superconducting ring are investigated in the presence of an external magnetic field. It is shown that if the ring exhibits several metastable states at a particular magnetic field, the transition from one metastable state to another one is governed by both the relaxation time of the absolute value of the order parameter tau(\psi\) and the relaxation time of the phase of the order parameter tau(phi). We found that the larger the ratio tau(\psi\)/tau(phi), the closer the final state will be to the absolute minimum of the free energy, i.e., the thermodynamic equilibrium. The transition to the final state occurs through a subsequent set of single phase slips at a particular point along the ring.