We use field data of particulate organic carbon (POC) concentration and spectral remote‐sensing reflectance, Rrs(λ), to develop an empirical algorithm for estimating POC from ocean color in the Southern Ocean. The algorithm based on the band ratio Rrs(443)/Rrs(555) is used in conjunction with Sea‐viewing Wide Field‐of‐View Sensor satellite data to demonstrate seasonal and interannual variability in POC from 1997 to 2007. The surface POC concentrations generally range from 30 to 120 mg m−3. On a whole basin scale (south of 35°S), the monthly means are mostly 70–80 mg m−3. The seasonal signal is weakest at lower latitudes within the Sub‐Antarctic Zone and most pronounced at higher latitudes (>55°S). The area‐integrated stock of water column POC in the upper 100 m shows small interannual variations and no clear evidence for long‐term trend during the examined 10 year period. The seasonal maximum of the POC stock occurs in December and reaches a value of about 0.6 Pg of carbon for the entire basin south of 35°S. The seasonal range of area‐normalized POC is between about 5.5 and 6.6 g m−2. The region south of 55°S provides a dominant contribution to the accumulation of POC within the Southern Ocean during the productive period of the season. During the austral spring, the area‐normalized POC accumulates in these high‐latitude waters at rates from about 0.2 to 0.7 g m−2 month−1. The comparison of these rates with large‐scale satellite‐based estimates of net primary production indicates that only a small fraction (<10%) of production accumulates as POC.