Oxygen conditions in ice-covered lakes depend on many factors, which, in turn, are influenced by a changing climate, so detection of the oxygen trend becomes difficult. Our research was based on data of long-term measurements of dissolved oxygen (2007–2020), water temperature, under-ice solar radiation, and snow-ice thickness (1995–2020) in Lake Vendyurskoe (Northwestern Russia). Changes of air temperature and precipitation in the study region during 1994–2020 and ice phenology of Lake Vendyurskoe for the same period based on field data and FLake model calculations were analyzed. The interannual variability of ice-on and ice-off dates covered wide time intervals (5 and 3 weeks, respectively), but no significant trends were revealed. In years with early ice-on, oxygen content decreased by more than 50% by the end of winter. In years with late ice-on and intermediate ice-off, the oxygen decrease was less than 40%. A significant negative trend was revealed for snow-ice cover thickness in spring. A climatic decrease of snow-ice cover thickness contributes to the rise of under-ice irradiance and earlier onset of under-ice convection. In years with early and long convection, an increase in oxygen content by 10–15% was observed at the end of the ice-covered period, presumably due to photosynthesis of phytoplankton.