Many intraplate oceanic islands undergo “rejuvenated” volcanism following the main edifice-building stage. Honolulu features Hawai‘i’s most recent rejuvenated volcanism. K-Ar dating of Honolulu volcanism suggests that it started at ca. 750 ka and ended at <100 ka. Here, we present new ⁴⁰Ar/³⁹Ar ages and olivine diffusion modeling from Koko Rift lavas to resolve when the most recent Honolulu eruptions occurred and to evaluate possible mechanisms of rejuvenated volcanism and volcanic hazards. Diffusion modeling of olivine zoning profiles in Koko Rift basalts suggests that magmas were stored in the crust for many months prior to eruption. Six new ⁴⁰Ar/³⁹Ar ages cluster at 67 ± 2 ka (2σ), which demonstrates that Koko Rift is Hawai‘i’s youngest known area of rejuvenated volcanism. The timing of Koko Rift eruptions coincides with the pronounced drop in global sea level (~100 m) during Marine Isotope Stage 4. This major sea-level fall may have triggered the eruptions of Koko Rift magmas that were stored in the crust for months to years at <15 km depth. The proposed mechanism is similar to that at other volcanic islands, which suggests that changes in global sea level may have significant control on the magnitude and frequency of eruptions at ocean island volcanoes.