AbstractClimate change from increased greenhouse gases arises from a global energy imbalance at the top of the atmosphere (TOA). TOA measurements of radiation from space can track changes over time but lack absolute accuracy. An inventory of energy storage changes shows that over 90% of the imbalance is manifested as a rise in ocean heat content (OHC). Data from the Ocean Reanalysis System, version 4 (ORAS4), and other OHC-estimated rates of change are used to compare with model-based estimates of TOA energy imbalance [from the Community Climate System Model, version 4 (CCSM4)] and with TOA satellite measurements for the year 2000 onward. Most ocean-only OHC analyses extend to only 700-m depth, have large discrepancies among the rates of change of OHC, and do not resolve interannual variability adequately to capture ENSO and volcanic eruption effects, all aspects that are improved with assimilation of multivariate data. ORAS4 rates of change of OHC quantitatively agree with the radiative forcing estimates of impacts of the three major volcanic eruptions since 1960 (Mt. Agung, 1963; El Chichón, 1982; and Mt. Pinatubo, 1991). The natural variability of the energy imbalance is substantial from month to month, associated with cloud and weather variations, and interannually mainly associated with ENSO, while the sun affects 15% of the climate change signal on decadal time scales. All estimates (OHC and TOA) show that over the past decade the energy imbalance ranges between about 0.5 and 1 W m−2. By using the full-depth ocean, there is a better overall accounting for energy, but discrepancies remain at interannual time scales between OHC- and TOA-based estimates, notably in 2008/09.