Temporal changes in oceanic denitrification, the bacterial reduction of nitrate under suboxic conditions, highlight the potential importance of N inventory changes and the production of N 2O on the climate system. At the same time, the cause of the globally observed variation in denitrification remains unclear. High-resolution benthic foraminiferal oxygen isotope and bulk sediment nitrogen isotope records from ODP Site 1234 on the Chile Margin record integrated denitrification changes within the Peru–Chile Upwelling system over the last ∼70 ka. Denitrification changes in the southeast Pacific are coherent with Antarctic climate changes recorded by the Byrd ice core δ 18O record, and lead northern hemisphere climate events. The southern-hemisphere character of the Chile margin δ 15N record suggests that episodes of reduced denitrification in the SE Pacific represent times when more oxygen was supplied as the result of changes in the ventilation and preformed nutrient content of Subantarctic Mode Water (SAMW), which forms in the Subantarctic zone of the Southern Ocean and feeds into the low-latitude thermocline.