The Cretaceous-Paleogene (K-Pg) extinction is linked to two primary causes: the Chicxulub asteroid impact in Mexico and the Deccan Traps eruptions in India. While substantial geological evidence supporting both events has been found worldwide, to understand their potential interactions, it is crucial to study sites that preserve records of both events simultaneously. The terrestrial K-Pg boundary located in the Sichuan Basin, China (∼15,500 km from the Chicxulub Crater and ∼5,600 km from the Deccan Traps correspond to 66 Ma), preserves evidence of both the Chicxulub impact and the Deccan Traps eruptions, along with the effects of subsequent events on the earlier ones. It offers a new perspective on the K-Pg boundary. Detailed petrological examination and geochemical analyses, including platinum-group element (PGE) and black carbon concentrations, were conducted across a 2 m K-Pg boundary section. The K-Pg boundary layer (∼2.5 cm thick) is composed of very fine-grained, brick-red sandstone and exhibits significant enrichments in Ir (9.050 ppb) and Os (10.72 ppb), along with elevated black carbon (1.10 ‰), strongly indicating contributions from the impact. Intriguingly, another PGE anomaly was detected approximately 50 cm below the K-Pg boundary. The strata surrounding the K-Pg boundary display evidence of alteration by acidic and HSˉ-rich fluids. These fluids likely caused the observed downward migration of PGE within the boundary, resulting in two distinct PGE anomalies - one at the K-Pg boundary itself and another approximately 50 cm below. These fluids resulted in the overlying sandstones exhibiting minimal matrix content and bleached the underlying brick-red sandstones. Volcanic gas emissions from the Deccan Traps after the impact are a potential source for these fluids. Our findings support the hypothesis that the most voluminous Deccan eruptions had occurred close to, but not necessarily immediately after, the Chicxulub impact, potentially lasting 100–131 ka. The hiatus after the impact weakens the possibility of a direct causal link between the Deccan eruptions and the impact.