Within effective t-J Hamiltonian we analyze the influence of electronic correlations and electron-phonon interaction on the dynamical spin susceptibility in layered cuprates. We find an isotope effect on the resonance peak in the magnetic spin susceptibility Im (q,), seen by inelastic neutron scattering. It results from both the electron-phonon coupling and the electronic correlation effects taken into account beyond random-phase approximation scheme. We find at optimal doping the isotope coefficient ␣ res Ϸ0.4 which can be further tested experimentally.An understanding of the elementary and the spin excitations in high-T c cuprates is of central significance. For example, it is known that the Cooper-pairing scenario via the exchange of antiferromagnetic spin fluctuations was quite successful in explaining the various features of superconductivity in hole-doped cuprates such as d x 2 Ϫy 2-wave symmetry of the superconducting order parameter and its feedback on the elementary and spin excitatitions. 1 Most importantly, in this scenario the dynamical spin susceptibility (q,) controls mainly the superconducting and normal-state properties of the layered cuprates. 1 One of the key experimental facts in the phenomenology of high-T c cuprates is the occurrence of a so-called resonance peak in the inelastic neutron-scattering ͑INS͒ experiments. 2,3 It occurs below T c in the dynamical spin susceptibility (q,) at the antiferromagnetic wave vector Qϭ(,) and Ϸ res which is of the order of 40 meV in the optimally doped cuprates. Its feedback in various electronic properties such as optical conductivity, Raman response function, and elementary excitations has been observed experimentally by various techniques. 1 Furthermore, its successful explanation within spin-fluctuation-mediated Cooper-pairing together with d x 2 Ϫy 2-wave symmetry of the superconducting order parameter favors this scenario as a basic one for superconductivity in the cuprates. On the other hand, recent experiments indicate that also electron-phonon interaction influences strongly their behavior. 4 -8 In particular, in the observation of the relatively large isotope effect in various characteristics of cuprates such as penetration depth, 5 ''kink'' structure seen by angle-resolved photoemission spectroscopy 9 still raises a question: what is the role of phonons in determining the superconducting properties of cuprates?Here, we derive an effective t-J Hamiltonian where both the hopping integral t and the superexchange interaction between neighboring spins, J, are renormalized by phonons. We analyze the influence of the electron-phonon interaction on the dynamical spin susceptibility in layered cuprates. In particular, we find an isotope effect on the resonance peak in the magnetic spin susceptibility Im(q,). It results from both the electron-phonon coupling and the electronic correlation effects taken into account beyond random-phase approximation ͑RPA͒ scheme. We show that even if the superconductivity is driven by the magnetic exchange the characteristi...