Climate variability in the Norwegian Sea was investigated in terms of ocean heat and freshwater contents of Atlantic water above a reference surface, using hydrographic data during spring 1951–2010. The main processes acting on this variability were examined and then quantified. The area-averaged water mass cooled and freshened, but a deepening of the reference surface resulted in a positive trend in the heat content of 0.3 W m−2. Air-sea heat fluxes explained about half of the interannual variability in heat content. The effect of the advection of Atlantic and Arctic waters on the variability varied with time, apparently due to large-scale changes in the ocean circulation. The data are consistent with the explanation that changing wind patterns caused buffering and then release of Arctic water in the Iceland Sea during the late 1960s to early 1970s, and this caused large hydrographic changes in the Norwegian Sea.