AbstractMuch of the Southern Ocean surface south of 55° S cooled and freshened between at least the early 1980s and the early 2010s. Many processes have been proposed to explain the unexpected cooling, including increased winds or freshwater fluxes. However, these mechanisms so far failed to fully explain the surface trends and the concurrent subsurface warming (100 to 500 m). Here, we argue that these trends are predominantly caused by an increased wind‐driven northward sea‐ice transport, enhancing the extraction of freshwater near Antarctica and releasing it in the open ocean. This conclusion is based on factorial experiments with a regional ocean model. In all experiments with an enhanced northward sea‐ice transport, a strengthened salinity‐dominated stratification cools the open‐ocean surface waters between the Subantarctic Front and the sea‐ice edge. The strengthened stratification reduces the downward mixing of cold surface water and the upward heat loss of the warmer waters below, thus warming the subsurface. This sea‐ice induced subsurface warming mostly occurs around West Antarctica, where it likely enhances ice‐shelf melting. Moreover, the subsurface warming could account for about 8 ± 2% of the global ocean heat content increase between 1982 and 2011. Antarctic sea‐ice changes thereby may have contributed to the slowdown of global surface warming over this period. Our conclusions are robust across all considered sensitivity cases, although the trend magnitude is sensitive to forcing uncertainties and the model's mean state. It remains unclear whether these sea‐ice induced changes are associated with natural variability or reflect a response to anthropogenic forcing.