Seawater sulfate (SO42−) concentrations have changed by orders of magnitude in response to atmospheric and ocean redox dynamics throughout Earth’s history. A fundamental model that constrains seawater SO42− dynamics based on the principles of mass balance, however, is still lacking. Here, we used a dynamical systems approach to determine the effects of global source and sink strengths on seawater SO42− concentrations. Our stochastic analysis of the SO42− mass balance revealed two most probable seawater SO42− concentration ranges: one under widespread oceanic anoxic conditions with SO42− concentrations <1000 µM, and the other with SO42− concentrations around or above 10,000 µM under widely oxygenated ocean conditions. Swings between these two seawater SO42− concentration ranges are notably evident during the Phanerozoic Eon and developed in response to reoccurring oceanic anoxic events. We also identified a threshold for the extent of oceanic anoxia above which seawater SO42− concentrations collapse to <1000 µM, with corresponding impacts on global biogeochemical cycles, biology, and climate.