Non-recombining sex chromosomes are expected to undergo evolutionary decay, ending up genetically degenerated, as has happened in birds and mammals. Why are then sex chromosomes so often homomorphic in cold-blooded vertebrates? One possible explanation is a high rate of turnover events, replacing master sex-determining genes by new ones on other chromosomes. An alternative is that X-Y similarity is maintained by occasional recombination events, occurring in sex-reversed XY females. Based on mitochondrial and nuclear gene sequences, we estimated the divergence times between European tree frogs (Hyla arborea, H. intermedia, and H. molleri) to the upper Miocene, about 5.4–7.1 million years ago. Sibship analyses of microsatellite polymorphisms revealed that all three species have the same pair of sex chromosomes, with complete absence of X-Y recombination in males. Despite this, sequences of sex-linked loci show no divergence between the X and Y chromosomes. In the phylogeny, the X and Y alleles cluster according to species, not in groups of gametologs. We conclude that sex-chromosome homomorphy in these tree frogs does not result from a recent turnover but is maintained over evolutionary timescales by occasional X-Y recombination. Seemingly young sex chromosomes may thus carry old-established sex-determining genes, a result at odds with the view that sex chromosomes necessarily decay until they are replaced. This raises intriguing perspectives regarding the evolutionary dynamics of sexually antagonistic genes and the mechanisms that control X-Y recombination. Non-recombining sex chromosomes, such as the Y chromosome, are expected to degenerate over evolutionary times because they accumulate deleterious mutations that cannot be corrected by recombination with a pristine copy. In most cold-blooded vertebrates, such as frogs, however, sex chromosomes are undifferentiated. Why is that so? On the one hand, the “high-turnover” hypothesis holds that these sex chromosomes are regularly replaced before they had time to decay. On the other hand, the “fountain-of-youth” hypothesis posits that they are regularly rejuvenated by X-Y recombination in sex-reversed XY females. Here, we show that three species of tree frogs that diverged more than 5.4 million years ago share the same pair of undifferentiated sex chromosomes. Although male recombination stopped before species divergence, X and Y alleles show no differentiation, and cluster by species, not gametologs. We conclude that their sex chromosome homomorphy is not due to a recent turnover but is maintained over long evolutionary times by occasional recombination. Such rare episodes of X-Y recombination are expected to have long-lasting consequences on the evolution of sex chromosomes and sex antagonistic genes.