High precision isotope ratio and trace element determination can be achieved with modern quadrupole ICP‐MS provided that short and long‐term instrument performance is accurately monitored. Here we present results for the isotope ratios 6Li/7Li, 147Sm/149Sm, 160Dy/161Dy, 207Pb/206Pb, 208Pb/206Pb, 206Pb/204Pb and 235U/238U with which we determined long‐term isotope ratio stability of relevance to both trace element and isotope determination. With respect to trace element determination, we first present long‐term observations regarding oxide formation rates of Ba and Nd on light REE and heavy REE, as well as Zr on Ag. These showed good correlations and could be used to correct effectively the interference. The efficacy of this correction was demonstrated with analyses of the rock reference material BHVO‐2 at both low and high oxide formation rates. Next, we studied the long‐term reproducibility of a Dy isotope ratio that was measured to correct for the isobaric interference on Gd. It was found that, regardless of tuning condition, the ratio reproduced very well (0.58% RSD, 1s) and that the estimate of the Gd concentration did not suffer from the large correction (> 10%) caused by the Dy isobar. Long‐term reproducibilities of Li, Sm and U isotope ratios, required for accurate mass bias correction when isotopically enriched internal standards of these elements are employed, were measured in the rock reference materials AGV‐2 and JA‐3 over a time period of up to 3 years. As expected, the Li isotope ratio showed the largest variability (RSD = 7%), but the other two ratios had relative external reproducibilities of only 1.01% (1s, U) and 0.67% (Sm). The mass bias‐induced scatter in measurements for Sm and U was so small that the internal standard correction was effective, even for samples with high concentrations of these elements. With regard to Pb‐isotope ratio determination, we also present long‐term reproducibility for NIST SRM 982, run as an unknown and two accuracy tests for Pb separated from granitoids and from meteorites. It is demonstrated that the obtained ratios, including those involving 204Pb, are accurate relative to MC‐ICP‐MS determinations and of comparable precision to conventional TIMS analysis. The excellent agreement between all data sets shows the potential of modern quadrupole ICP‐MS instrumentation for Pb‐isotope determination, particularly for samples with very low Pb content.