The Santa Marta Formation (James Ross Island, Antarctica) presents one of the most complete Santonian-Campanian high-latitude marine records in the Southern Hemisphere. Recent micropaleontological studies pointed to an unusual preferential preservation of calcareous microfossils, such as foraminifera and nannofossils, in tuffaceous sandstone levels of the Santa Marta Formation. Here we aim to characterize depositional and early diagenetic conditions that influenced preservation of calcareous microfossils within the succession of the Santa Marta Formation (Alpha Member). We used X-ray fluorescence (FRX)-derived elemental ratios, as well as carbonate (CaCO3), total organic carbon (TOC), and total sulfur (TS) contents to characterize sediment properties, as well as X-ray diffraction (XRD)-derived mineralogical analysis. Elemental ratios suggest hydrothermal influence during diagenesis throughout the stratigraphic succession, as indicated by (Fe + Mn)/Ti values > 20. This interpretation is supported by the occurrence of typical low-temperature hydrothermal minerals, such as garronite and heulandite. Contribution of volcanic ashes in the tuffaceous sandstone levels is evidenced by high values of the log (Zr/Ti) ratio, and the presence of volcanogenic minerals. Since stratigraphic levels characterized by the highest abundances and richnesses of calcareous microfossils also present high log (Zr/Ti) values and CaCO3 contents, we hypothesize that the input and subsequent alteration of volcanogenic material (e.g., ashes) acted as a buffer, increasing porewater alkalinity during early diagenesis. Such a chemical mechanism was already described for modern marine sediments deposited under the influence of significant input of volcanogenic materials, and can explain the preferential preservation of calcareous microfossils in tuffaceous sandstones of the Upper Cretaceous Santa Marta Formation.