Trace fossil (ichnological) analysis of the Toarcian Oceanic Anoxic Event (T‐OAE) in several sections from the Iberian Massif reveals a comparatively minor incidence of this global anoxic event in the macrobenthic trace maker community. A variable trace fossil record can be recognized, involving changes in ichnodiversity, abundance and size of structures, evidencing not extinctions, but the effects of the event on the behaviour, palaeoecology and palaeobiology of trace makers. However, the influence of anoxia is only partially identified, with other palaeoenvironmental conditions—nutrient availability and substrate features, among others—being the major parameters influencing the trace maker community during the T‐OAE.