The Sea of Okhotsk is a marginal sea that plays a major role in the ventilation of the North Pacific, being the key location where Dense Shelf Water (DSW) forms at the surface and sinks to the intermediate layer. The Okhotsk Sea Intermediate Water (OSIW) is a key water mass because it includes large amounts of DSW, outflows to the North Pacific, and supplies the ocean with the micronutrient iron. OSIW has been warming over the past few decades, which is attributed to a decreasing trend in DSW production. The acquisition of numerous hydrographic data after 2000 in the Kuril Basin, especially dissolved oxygen from profiling floats, offers an opportunity to better quantify the water mass composition of OSIW, and the changes in OSIW properties and DSW volume. Here, we used all available hydrographic records and a mapping technique specially adapted to polar and sub‐polar regions to revisit the Sea of Okhotsk water properties and document their long‐term changes. Our analysis revealed that the volume of heavier DSW (potential density above 26.9 kg.m−3) has decreased over the past three decades by 3,600 km3, or 15% of the volume present before 1990. This decline is nearly entirely compensated for by an increase in lighter DSW. This shift toward lighter DSW is possibly a sign of the weakening of the intermediate overturning circulation starting in the Okhotsk Sea. Additionally, we found that dense Soya Current Water only accounts for about 1% of OSIW, against the 5% previously estimated. Plain Language Summary: The water of the Sea of Okhotsk is a mix of several water masses which includes the Dense Shelf Water (DSW), a water mass generated in winter via sea ice formation. When sea ice forms, the surface water salinity and density increase, and the cold DSW is generated as the surface water sinks to the bottom of the continental shelf while micronutrients, especially iron, are also incorporated. DSW mixes with other water masses and becomes the Okhotsk Sea Intermediate Water (OSIW) before being exported to the North Pacific where it plays an important role for both the climate and the biological productivity. In this study, we used all the temperature, salinity, and dissolved oxygen data acquired since 1930 to evaluate how global warming may have affected the composition of OSIW. We found that, over the past century, the amount of denser DSW has strongly decreased whereas that of lighter DSW has increased, which is consistent with the decline in sea ice production in the Sea of Okhotsk. This also suggests that the ventilation of the Sea of Okhotsk and the circulation of the intermediate layer of the North Pacific is weakening, which could indirectly affect the ocean's biological productivity. Key Points: The composition of the Okhotsk Sea Intermediate Water (OSIW) is reevaluated using an updated data set and a new mapping techniqueOSIW properties have changed in the long‐term (≥50 years) scale, with a decrease (increase) in the amount of heavy (light) Dense Shelf WaterThis suggests that the North Pacific intermediate overturning is weakening, which could affect the ocean's biological productivity [ABSTRACT FROM AUTHOR]