A decrease in hypolimnetic dissolved oxygen (DO) is a commonly seen effect of climate change. However, in oligotrophic Lake Tovel (Italy), a deep mountain lake, annual mean DO (% saturation) has increased from near anoxia to >20% in the bottom layer (35–39 m). We analyzed long‐term patterns of DO (1937–2019) using different methods (correlation and trend analysis, identification of extreme events) to link DO to drivers and indices of mixing. While spring mixing remained temporally limited, later ice‐in (5.1 days decade−1) and the positive relationship between ice‐in and DO the following year evidenced autumn mixing as the main driver for hypolimnetic DO increase. Extreme meteorological events also replenished hypolimnetic DO. Using DO and conductivity (1995–2019), we identified 14 deep mixing events with hypolimnetic DO > 40%. Density‐based indices (Schmidt stability, relative thermal resistance, Lake Number, and Wedderburn Number) only partially captured these events that were related to snowmelt, flooding, and cold spells during spring and autumn, with a carryover effect sometimes lasting >1 year. Recently, annual mean DO in the upper layer decreased beyond temperature‐dependent solubility. This decrease was not comprehensively confirmed by statistical tests but was possibly linked to atmospheric stilling. We suggest that Lake Tovel's shift from meromixis to dimixis was driven by climate warming (i.e., increasing air temperature 0.6°C decade−1) that delayed ice‐in and increased autumn mixing. Our work underlines the vulnerability of mountain lakes and their different response to climate change with respect to more studied lowland lakes.