The infrared vibrational OH stretching spectrum of isotopically isolated HDO molecules in liquid water has been calculated by ab initio methods at the MP2 level for a number of geometrical configurations taken from a Monte Carlo simulation. Each vibrating water molecule with its environment was described by a pentamer supermolecule, surrounded by a large number of point charges representing polarized water molecules. The anharmonic stretching potentials (MP2 force constants up to fifth order) for 40 uncoupled OH water vibrators were calculated. The average computed re distance found for liquid water is 0.01 Å longer than the free-water value. The frequencies were obtained by solving the one-dimensional Schrödinger equation variationally for each OH potential curve. Using the squared dipole moment derivatives, which vary by a factor of 7 over the frequency band, the density-of-states histograms were converted to intensities. The resulting computed average frequency downshift is ∼260 cm−1, compared to ∼310 cm−1 (experimental), with a bandwidth in good agreement with experiment. The remaining discrepancy between theoretical and experimental frequency shifts is to a large part due to the charge transfer within the water clusters. This charge transfer gives rise to an electrostatic field which, at the site of the vibrating H atom, counteracts the downshift induced by the other environmental effects. The agreement between experiment and theory is very satisfactory when this charge transfer effect is corrected for or when point-charge embedded heptamer clusters are considered.