Climate variability in the Norwegian Sea was investigated in terms of ocean heat and fresh water 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.