The mechanisms and palaeoenvironmental conditions leading to and occurring through the Coniacian–Santonian Ocean Anoxic Event 3 (OAE3) are poorly known, particularly with regard to the marine phosphorus cycle and the climatic conditions in general. To explore these issues further, two famous locations have been studied, Olazagutia (Spain) and Ten Mile Creek–Arbor Park (TX, USA), which are located in different palaeogeographical areas and deposited at different palaeodepths. The study of these two locations is based on mineralogy (bulk and clay), geochemistry (stable isotopes, organic matter, phosphorus and major element) and high-resolution biostratigraphy (nannofossils) to infer changes in climate and primary productivity across OAE3. The investigated sections were both previously proposed as candidates for the base Santonian global boundary stratotype section and point (GSSP). The Olazagutia section was ratified in 2013, where the base of the Santonian was defined by the first appearance datum of the inoceramid Platyceramus undulatoplicatus . Both sections, deposited in oxygenated conditions, record the δ 13 C patterns which characterized the Coniacian–Santonian OAE3 interval, in particular the positive carbon-isotope excursions comprising the K2, Michel Dean and Bedwell events. New nannofossil biostratigraphy for both sections is presented including new occurrences. Significant diachronism of marker taxa is observed between the Spanish and Texan sections. Based on a weathering index and mineralogy, similar climate changes are observed in all sections. The climate shifted synchronously from relatively drier to warmer and wetter conditions above the Coniacian–Santonian boundary from the Michel Dean event to above the Bedwell event during the early Santonian. Fluctuations in total phosphorus contents appear mainly to have been driven by changes in detrital input and consequently by climate change in Spain and Texas. Several bentonite layers were observed in Texas close to the Coniacian–Santonian boundary, but only one located 7 m above the Coniacian–Santonian boundary provided sufficient well-preserved zircon minerals, and gives an age of 86.24 ± 0.12 Ma based on U–Pb geochronology, consistent with an early Santonian age.