The design of a high-stability radiometer is presented in this paper. It is used to characterize the stability of a microwave active cold load at L-band. The two-load radiometer takes advantage of a noise injection technique to improve its sensitivity. A temperature-stabilized enclosure is used to minimize gain and noise temperature fluctuations of the receiver. The radiometer sensitivity is 0.031 K and the gain fluctuations are less than 0.005 dB during 1 day. The total gain and the receiver noise temperature of the radiometer exhibit very small variations (<0.03 dB and 1 K, respectively) on the long term.