The application of both thermoluminescence and infrared stimulated luminescence dating to the extensively studied “classical” Hungarian loess/paleosol sequences from Basaharc, Mende, and Paks provides a reliable chronological framework and climatostratigraphic reconstruction for the last interglacial/glacial cycle. Based on this combined luminescence dating study a new chronology is proposed for the “Young Loess” in Hungary. Luminescence dating suggests that the loess below the MF2 horizon formed during the penultimate glaciation. The MF1 horizon probably formed during an interstade within oxygen isotope stage 3. For the youngest loess, overlying MF1, a very high accumulation rate was determined. Large time gaps occur above MF2 and MF1, indicating that most of the record of the last glaciation is missing in the standard sections at Basaharc, Mende, and Paks. Either large discontinuities or a very low accumulation rate occurred in all three type sections during the soil-forming periods. High-resolution studies of climatic proxies using this combined luminescence dating approach provide a reliable chronological framework for loess and loess derivatives of the last glacial cycle in Hungary, although a precise and complete chronostratigraphic reconstruction cannot be achieved from the incomplete records found at these sites.