An anoxic event describes a period wherein large expanses of Earth's oceans were depleted of dissolved oxygen (O₂), creating toxic, euxinic (anoxic and sulfidic) waters. Although anoxic events have not happened for millions of years, the geologic record shows that they happened many times in the past. Anoxic events coincided with several mass extinctions and may have contributed to them. These mass extinctions include some that geobiologists use as time markers in biostratigraphic dating. On the other hand, there are widespread, various black-shale beds from the mid-Cretaceous which indicate anoxic events but are not associated with mass extinctions. Many geologists believe oceanic anoxic events are strongly linked to the slowing of ocean circulation, climatic warming, and elevated levels of greenhouse gases. Researchers have proposed enhanced volcanism (the release of CO₂) as the "central external trigger for euxinia."

Human activities in the Holocene epoch, such as the release of nutrients from farms and sewage, cause relatively small-scale dead zones around the world. British oceanologist and atmospheric scientist Andrew Watson says full-scale ocean anoxia would take "thousands of years to develop." The idea that modern climate change could lead to such an event is also referred to as Kump's hypothesis.

The concept of the oceanic anoxic event (OAE) was first proposed in 1976 by Seymour Schlanger (1927–1990) and geologist Hugh Jenkyns and arose from discoveries made by the Deep Sea Drilling Project (DSDP) in the Pacific Ocean. The finding of black, carbon-rich shales in Cretaceous sediments that had accumulated on submarine volcanic plateaus (e.g. Shatsky Rise, Manihiki Plateau), coupled with their identical age to similar, cored deposits from the Atlantic Ocean and known outcrops in Europe—particularly in the geological record of the otherwise limestone-dominated Apennines chain in Italy—led to the observation that these widespread, similarly distinct strata recorded very unusual, oxygen-depleted conditions in the world's oceans spanning several discrete periods of geological time.

Modern sedimentological investigations of these organic-rich sediments typically reveal the presence of fine laminations undisturbed by bottom-dwelling fauna, indicating anoxic conditions on the seafloor believed to coincide with a low-lying poisonous layer of hydrogen sulfide, H₂S. Furthermore, detailed organic geochemical studies have recently revealed the presence of molecules (so-called biomarkers) that derive from both purple sulfur bacteria and green sulfur bacteria—organisms that required both light and free hydrogen sulfide (H₂S), illustrating that anoxic conditions extended high into the photic upper-water column.

This is a recent understanding,^[when?] the puzzle having been pieced slowly together in the last three decades. The handful of known and suspected anoxic events have been tied geologically to large-scale production of the world's oil reserves in worldwide bands of black shale in the geologic record.^{[citation needed]}

Anoxic events with euxinic (anoxic, sulfidic) conditions have been linked to extreme episodes of volcanic outgassing. Volcanism contributed to the buildup of CO₂ in the atmosphere and increased global temperatures, causing an accelerated hydrological cycle that introduced nutrients into the oceans (stimulating planktonic productivity). These processes potentially acted as a trigger for euxinia in restricted basins where water-column stratification could develop. Under anoxic to euxinic conditions, oceanic phosphate is not retained in sediment and could hence be released and recycled, aiding perpetual high productivity.

Temperatures throughout the Jurassic and Cretaceous are generally thought to have been relatively warm, and consequently dissolved oxygen levels in the ocean were lower than today—making anoxia easier to achieve. However, more specific conditions are required to explain the short-period (less than a million years) oceanic anoxic events. Two hypotheses, and variations upon them, have proved most durable.^{[citation needed]}

One hypothesis suggests that the anomalous accumulation of organic matter relates to its enhanced preservation under restricted and poorly oxygenated conditions, which themselves were a function of the particular geometry of the ocean basin: such a hypothesis, although readily applicable to the young and relatively narrow Cretaceous Atlantic (which could be likened to a large-scale Black Sea, only poorly connected to the World Ocean), fails to explain the occurrence of coeval black shales on open-ocean Pacific plateaus and shelf seas around the world. There are suggestions, again from the Atlantic, that a shift in oceanic circulation was responsible, where warm, salty waters at low latitudes became hypersaline and sank to form an intermediate layer, at 500 to 1,000 m (1,640 to 3,281 ft) depth, with a temperature of 20 to 25 °C (68 to 77 °F).