We measured stable isotopes (δ18O and δ13C) in Sphagnum cellulose that was extracted from a long peat core drilled in the ombrotrophic Mohos peat bog, Ciomadul Mountain, Romania. The 10-m-long peat profile spans the period from 11,800 cal yr BP to present. The δ18O and δ13C data indicate there were several cooling events and warm periods in the area of the Mohos peat bog during the Holocene. The 8.2-ka cold event, however, was not detected using δ18O and δ13C values. Response of the peat bog to changing environmental conditions was inferred using data on organic matter accumulation, independent of the stable isotope results. All cool periods during the Holocene, whether of short or long duration, were identified as times of reduced organic matter accumulation rate. Similarly, dry periods were also correlated with reduced accumulation rates of organic matter.