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Time series of cave drip water oxygen isotopes (δ18O) provide site‐specific assessments of the contributions of climate and karst processes to stalagmite δ18O records employed for hydroclimate reconstructions. We present ~12‐year‐long time series of biweekly cave drip water δ18O variations from three sites as well as a daily resolved local rainfall δ18O record from Gunung Mulu National Park in northern Borneo. Drip water δ18O variations closely match rainfall δ18O variations averaged over the preceding 3–18 months. We observe coherent interannual drip water δ18O variability of ~3‰ to 5‰ related to the El Niño–Southern Oscillation (ENSO), with sustained positive rainfall and drip water δ18O anomalies observed during the 2015/2016 El Niño. Evidence of nonlinear behavior at one of three drip water monitoring sites implies a time‐varying contribution from a longer‐term reservoir. Our results suggest that well‐replicated, high‐resolution stalagmite δ18O reconstructions from Mulu could characterize past ENSO‐related variability in regional hydroclimate. Plain Language Summary: Cave stalagmites allow for the reconstruction of past regional rainfall variability over the last hundreds of thousands of years with robust age control. Such reconstructions rely on the fact that differences in the isotopic composition of rainwater set by regional rainfall patterns is preserved as the rainwater travels through cave bedrock to feed the cave drip waters forming stalagmites. Long‐term monitoring of rainwater and cave drip water isotopes ground truth the climate to stalagmite relationship across modern‐day changes in regional rainfall. Twelve years of monitoring data presented in this study identify individual El Niño–Southern Oscillation events in rainfall and cave drip water isotopic composition, providing a strong foundation for stalagmite‐based climate reconstructions from this site. Key Points: Three 12‐year‐long cave drip water δ18O time series capture El Niño and La Niña events in northern BorneoEstimates of karst residence times range from 3 to 18 months, with a secondary contribution from a longer‐term reservoir at one drip siteDrip water nonstationarity implies multiple stalagmites are required to reconstruct El Niño–Southern Oscillation variability over time [ABSTRACT FROM AUTHOR]