This paper analyses the lower to middle Eocene carbonate succession exposed at the Island of Pag (Croatia), in the External Dinarides, providing its palaeoenvironmental, palaeobathymetric, and stratigraphic reconstruction. A total of 125 samples have been collected within the Foraminiferal Limestone and the overlying Transitional Beds units cropping out in the sites of Vrčići and Pag for the quantitative analysis of the skeletal assemblage (point counting) and the foraminiferal association (area counting), including both large benthic and small benthic foraminifera. Further samples were collected from the overlying Dalmatian Flysch, to constrain the age of the top of the succession using calcareous nannofossil biostratigraphy. On these bases, the Foraminiferal Limestone has been dated from the Ypresian to the middle Eocene (late Lutetian/early Bartonian). Thanks to the analysis of the skeletal and foraminiferal assemblages, and the use of multivariate statistics, seven main biofacies were identified within the Foraminiferal Limestone and one biofacies within the Transitional Beds. The porcelaneous and agglutinated benthic foraminifera biofacies (BF1) indicates a well-illuminated, oligotrophic to mesotrophic, shallow water, lagoonal environment. The hyaline SBF and encrusting benthic foraminifera biofacies (BF2) developed in a shallow water, inner-ramp environment, and is related to a vegetated seafloor. The nummulitid biofacies (BF3) indicates a moderately high energy, shallow water environment, whereas the comminuted bioclasts and nummulitid biofacies (BF4) corresponds to a low-energy, shallow water environment, and both deposited in inner-to-middle ramp settings. The nummulitid and orthophragminid biofacies (BF5) indicates a moderate energy environment, deposited in middle ramp settings. The nummulitid and serpulid biofacies (BF6) consists of transported material from the inner ramp deposited in middle ramp settings. The orthophragminid and nummulitid biofacies (BF7) indicates a below-wave base, outer shelf setting and the planktic foraminifera biofacies (BF8), recorded in the Transitional Beds, indicates a hemipelagic environment. Based on the foraminiferal counting, quantitative parameters such as the orthophragminids/nummulitids ratio, the planktic/benthic foraminifera ratio, and the hyaline/porcelaneous foraminifera ratio were calculated. These parameters indicate that the succession formed along a distally steepened ramp profile, showing a progressively tectonically-controlled deepening of the depositional environment, culminating with the final drowning of the carbonate ramp. Quantification serves as a crucial instrument for a precise and reliable palaeoenvironmental reconstruction, allowing the comparison amongst different successions.