We present the first results of the Water Isotope Model Intercomparison Project (WisoMIP), with Phase 1 focused on modern simulations (1979–2023) from a suite of isotope‐enabled atmospheric general circulation models nudged to ERA5 reanalyzes. Water sources, mixing, and rainout history influence the isotopic composition of vapor and precipitation, making these simulations powerful tools for tracing the global water cycle. By prescribing identical winds, sea surface temperatures, and sea ice conditions, we isolate differences in water isotope behavior across models, controlling for variability in atmospheric dynamics and mean climate. Our analyses show that the ensemble mean best matches observations, as individual model errors cancel out to yield a more accurate representation of Earth's isotope distributions. We also evaluate trends and responses to major climate modes during the recent warming period, highlighting regional and temporal sensitivities in the isotope signals. These diagnostics extend beyond traditional model evaluation metrics (e.g., temperature, precipitation) to reveal uncertainties in physical processes and guide improvements in model parameterizations. The resulting modern nudged ensemble data set serves as a benchmark for isotope‐enabled model development, satellite product comparison, and understanding of water cycle changes in a warming climate. Given its standardized design and broad participation, WisoMIP provides a valuable “isotope reanalysis” product for applications ranging from paleoclimate reconstruction to model tuning. Our work demonstrates the importance of coordinated isotope model evaluation in advancing the use of water isotopes as a diagnostic tool in climate science.