Ice core oxygen isotope (δ18O) records from low-latitude regions preserve high-resolution climate records in the past, yet the interpretation of these ice core δ18O records is still facing difficulty due to the uncertainty of ice core dating. Here we present a new established δ18O time series from Qiangtang (QT) No. 1 ice core retrieved from the central Tibetan Plateau. Due to the vague seasonal signals in the QT ice core, we investigated the spectral properties of δ18O record with depth and discussed the implications of significant spectral power peaks in the QT ice core. We employed a variational mode decomposition (VMD) analysis for the upper part of the QT ice core to decompose the δ18O depth series in order to separate the El Niño Southern Oscillation (ENSO) mode, a signal strongly preserved in the QT ice core δ18O record. With this approach, we established a time series of 335 years (1677–2011 CE) for the upper 50 m of the QT ice core. Subsequently, we examined the frequency of the new established δ18O time series and detected strong signals of the bidecadal and multidecadal modes of Pacific Decadal Oscillation (PDO). The PDO consists of two modes with periods of approximately 25–35 years and 50–70 years, and we found that the 50–70 years periodicity has persisted since 1700 CE, succeeded by dominance of the 25–75 years periodicity after 1900 CE. Additionally, we analyzed the δ18O series of the QT ice core during the past century and determined that the increasing frequency of El Niño events is an important factor contributing to the increase in recent ice core δ18O.