Dynamic analyses for a suite of ground of motions were conducted on concrete gravity dam sections to examine the earthquake induced stresses and effective damping. For this purpose, frequency domain methods that rigorously incorporate dam-reservoir-foundation interaction and time domain methods with approximate hydrodynamic foundation interaction effects were employed. The maximum principal tensile stresses and their distribution at the dam base, which are important parameters for concrete dam design, were obtained using the frequency domain approach. Prediction equations were proposed for these stresses and their distribution at the dam base. Comparisons of the stress results obtained using frequency and time domain methods revealed that the dam height and ratio of modulus of elasticity of foundation rock to concrete are significant parameters that may influence earthquake induced stresses. A new effective damping prediction equation was proposed in order to estimate earthquake stresses accurately with the approximate time domain approach.