Seasonal and interannual variations in adjective heat fluxes in the ocean (dQ_oc) and the convergence of advective heat fluxes in the atmosphere (dQ_atm) in the Barents Sea region have been investigated over the period of 1993–2012 using the results of the MIT regional eddy-permitting model and ERA-Interim atmospheric reanalysis. Wavelet analysis and singular spectrum analysis are used to reveal concealed periodicities. Seasonal 2- to 4- and 5- to 8-year cycles are revealed in the dQ_oc and dQ_atm data. It is also found that seasonal variations in dQ_oc are primarily determined by the integrated volume fluxes through the western boundary of the Barents Sea, whereas the 20-year trend is determined by the temperature variation of the transported water. A cross-wavelet analysis of dQ_oc and dQ_atm in the Barents Sea region shows that the seasonal variations in dQ_oc and dQ_atm are nearly in-phase, while their interannual variations are out-of-phase. It is concluded that the basin of the Barents Sea plays an important role in maintaining the feedback mechanism (the Bjerknes compensation) of the ocean–atmosphere system in the Arctic region.