Carbonates in the upper member of the Mesoproterozoic Victor Bay Formation are dominated by lime mud and packaged in cycles of 20–50 m. These thicknesses exceed those of classic shallowing-upward cycles by almost a factor of 10. Stratigraphic and sedimentological evidence suggests high-amplitude, high-frequency glacio-eustatic cyclicity, and thus a cool global climate ca. 1.2 Ga. The Victor Bay ramp is one of several late Proterozoic carbonate platforms where the proportions of lime mud, carbonate grains, and microbialites are more typical of younger Phanerozoic successions which followed the global waning of stromatolites. Facies distribution in the study area is compatible with deposition on a low-energy, microtidal, distally steepened ramp. Outer-ramp facies are hemipelagic lime mudstone, shale, carbonaceous rhythmite, and debrites. Mid-ramp facies are molar-tooth limestone tempestite with microspar-intraclast lags. In a marine environment where stromatolitic and oolitic facies were otherwise rare, large stromatolitic reefs developed at the mid-ramp, coeval with inner-ramp facies of microspar grainstone, intertidal dolomitic microbial laminite, and supratidal evaporitic red shale. Deep-subtidal, outer-ramp cycles occur in the southwestern part of the study area. Black dolomitic shale at the base is overlain by ribbon, nodular, and carbonaceous carbonate facies, all of which exhibit signs of synsedimentary disruption. Cycles in the northeast are shallow-subtidal and peritidal in character. Shallow-subtidal cycles consist of basal deep-water facies, and an upper layer of subtidal molar-tooth limestone tempestite interbedded with microspar calcarenite facies. Peritidal cycles are identical to shallow-subtidal cycles except that they contain a cap of dolomitic tidal-flat microbial laminite, and rarely of red shale sabkha facies or of sandy polymictic conglomerate. A transect along the wall of a valley extending 8.5 km perpendicular to depositional strike reveals progradation of inner-ramp tidal flats over outer- and mid-ramp facies during shoaling. The maximum basinward progradation of peritidal facies coincides with a zone of slope failure that may have promoted the development of the stromatolitic reefs. The sea-level history of the Victor Bay Formation is represented by three hectometre-scale sequences. An initial flooding event resulted in deposition of the lower Victor Bay shale member. Upper-member carbonate cycles were then deposited during highstand. Mid-ramp slumping was followed by late-highstand reef development. The second sequence began with development of an inner-ramp lowstand unconformity and a thick mid-ramp lowstand wedge. A second transgression promoted a more modest phase of reef development at the mid-ramp and shallow-water deposition continued inboard. A third and final transgressive episode eventually led to flooding of the backstepping ramp. Overall consistent cycle thickness and absence of truncated cycles, as well as the high rate and amount of creation of accommodation space, suggest that the periodicity and amplitude of sea-level fluctuation were relatively uniform, and point to a eustatic rather than tectonic mechanism of relative sea-level change. High-amplitude, high-frequency eustatic sea-level change is characteristic of icehouse worlds in which short-term, large-scale sea-level fluctuations accompany rapidly changing ice volumes affected by Milankovitch orbital forcing. Packaging of cyclic Upper Victor Bay carbonates therefore supports the hypothesis of a late Mesoproterozoic glacial period, as proposed by previous workers.