The isotopic ratios of H, O and C in water within the Long Valley caldera, California reflect input from sources external to the hydrothermal reservoir. A decrease in ??D in precipitation of 0.5??? km-1, from west to east across Long Valley, is caused by the introduction of less fractionated marine moisture through a low elevation embayment in the Sierra Nevada Mountain Range. Relative to seasonal fluctuations in precipitation (-158 to -35??.), ??D ranges in hot and cold surface and groundwaters are much less variable (-135 to -105??.). Only winter and spring moisture, reflecting higher precipitation rates with lighter isotopic signatures, recharge the hydrological system. The hydrothermal fluids are mixtures of isotopically heavy recharge (??D = - 115???, ??18O = - 15???) derived from the Mammoth embayment, and isotopically lighter cold water (??D = -135???, ??18O = -18???). This cold water is not representative of current local recharge. The ??13C values for dissolved carbon in hot water are significantly heavier (- 7 to - 3???) than in cold water (-18 to -10???) denoting a separate hydrothermal origin. These ??13C values overlie the range generally attributed to magmatic degassing of CO2. However, ??13C values of metamorphosed Paleozoic basement carbonates surrounding Long Valley fall in a similar range, indicating that hydrothermal decarbonization reactions are a probable source of CO2. The ??13C and ??18O values of secondary travertime and vein calcite indicate respective fractionation with CO2 and H2O at temperatures approximating current hydrothermal conditions. ?? 1990.