ABSTRACTHigh‐resolution analysis (2277 samples) of magnetic susceptibility (MS) was performed on ∼700‐m‐thick Early–Middle Oxfordian marine marls of the Terres Noires Formation, SE France. MS variations within these sediments record sub‐Milankovitch to Milankovitch frequencies with long‐term eccentricity (405 kyr and ∼2 Myr) being the most prominent. The 405 kyr cycle was used as a high‐resolution geochronometer for astronomical calibration of this poorly constrained interval of Late Jurassic time. The estimated duration of this Early–Middle Oxfordian interval concurs with the current International Geologic Time Scale GTS2004 (∼4 Myr), but the estimated durations of the corresponding ammonite zones are notably different. The calibration improves the resolution and accuracy of the M‐sequence magnetic anomaly block model that was previously used to establish the Oxfordian time scale. Additionally, the 405 kyr cyclicity is linked to third‐order sea‐level depositional sequences observed for Early–Middle Oxfordian time. Strong ∼2 Myr cycles are consistent with long‐term eccentricity modulation predicted for the Late Jurassic. These cycles do not match second‐order sequences that have been documented for European basins; this raises questions about the definition and hierarchy of depositional sequences in the Mesozoic eustatic chart. Our results require substantial revisions to the chart, which is frequently used as a reference for the correlation of widely separated palaeogeographic domains. Finally, a long‐term trend in the MS data reflects a progressive carbonate enrichment of the marls expressing an Early Oxfordian global cooling followed gradually by a warming in the Middle Oxfordian. This trend also records a major transgressive interval likely peaking at the Transversarium ammonite zone of the Middle Oxfordian.