The analysis of the stable oxygen isotopes ¹⁸O and ¹⁶O has revolutionized paleoclimate research since the middle of the last century. Particularly, δ¹⁸O of ice cores from Greenland and Antarctica is used as a paleotemperature proxy, and δ¹⁸O of deep-sea sediments is used as a proxy for global ice volume. Important terrestrial archives to which δ¹⁸O as a paleoclimate proxy is successfully applied are speleothems, lake sediments, or tree rings. By contrast, δ¹⁸O applications to loess–paleosol sequences (LPSs) are scarce. Here we present a first continuous δ¹⁸O record (n = 50) for the LPS Crvenka in Serbia, southeastern Europe, spanning the last glacial–interglacial cycle (since 145 ka). From a methodological point of view, we took advantage of a recently proposed paleoclimate/paleohydrological proxy based on bulk δ¹⁸O analyses of plant-derived lipids. The Crvenka δ¹⁸O_{bulk lipid} values range between -10.2 % and +23.0 % and are systematically more positive in the interglacial and interstadial (paleo-)soils corresponding to marine oxygen-isotope stage (MIS) 1, 3, and 5, compared to the loess layers (MIS 2, 4, and 6). Our Crvenka δ¹⁸O_{bulk lipid} record provides no evidence for the occurrence of interstadials and stadials comparable to the Dansgaard–Oeschger events known from the Greenland δ¹⁸O_{ice core} records. Concerning the interpretation of our Crvenka δ¹⁸O_{bulk lipid} record, plant-derived lipids such as fatty acids and alcohols are certainly strongly influenced by climatic factors such as temperature (via δ¹⁸O_{precipitation}) and relative air humidity (via ¹⁸O enrichment of leaf water due to evapotranspiration). However, pool effects in the form of non-water-correlated lipids such as sterols or the input of root-derived lipids need to be considered, too. Similarly, the input of soil-microbial lipids and oxygen exchange reactions represent uncertainties challenging quantitative paleoclimate/paleohydrological reconstructions based on δ¹⁸O_{bulk lipid} analyses from LPSs.