AbstractIce‐wedge polygon peatlands contain a substantial part of the carbon stored in permafrost soils. However, little is known about their long‐term carbon accumulation rates (CAR) in relation to shifts in vegetation and climate. We collected four peat profiles from one single polygon in NE Yakutia and cut them into contiguous 0.5 cm slices. Pollen density interpolation between AMS 14C dated levels provided the time span contained in each of the sample slices, which – in combination with the volumetric carbon content – allowed for the reconstruction of CAR over decadal and centennial timescales. Vegetation representing dry palaeo‐ridges and wet depressions was reconstructed with detailed micro‐ and macrofossil analysis. We found repeated shifts between wet and dry conditions during the past millennium. Dry ridges with associated permafrost growth originated during phases of (relatively) warm summer temperature and collapsed during relatively cold phases, illustrating the important role of vegetation and peat as intermediaries between ambient air temperature and the permafrost. The average long‐term CAR across the four profiles was 10.6 ± 5.5 g C m−2 yr−1. Time‐weighted mean CAR did not differ significantly between wet depression and dry ridge/hummock phases (10.6 ± 5.2 g C m−2 yr−1 and 10.3 ± 5.7 g C m−2 yr−1, respectively). Although we observed increased CAR in relation to warm shifts, we also found changes in the opposite direction and the highest CAR actually occurred during the Little Ice Age. In fact, CAR rather seems to be governed by strong internal feedback mechanisms and has roughly remained stable on centennial time scales. The absence of significant differences in CAR between dry ridge and wet depression phases suggests that recent warming and associated expansion of shrubs will not affect long‐term rates of carbon burial in ice‐wedge polygon peatlands.