Ichnological analysis of dark sediments of the Oceanic Anoxic Event at the Cenomanian–Turonian boundary interval (OAE-2) from the Betic Cordillera, southern Spain, reveals the presence of ichnofabrics containing trace fossils Chondrites isp., Palaeophycus heberti, Planolites isp., Thalassinoides isp., Trichichnus linearis, Zoophycos isp., and other bioturbational structures. Analysis of the ichnofabrics and trace fossil diversity allowed the reconstruction of relative oxygenation. Before the OAE-2, oxygenation of sediments was generally good, but it was punctuated by short anoxic events. During the OAE-2i, several longer anoxic intervals were interrupted by shorter dysaerobic and oxic periods. After the OAE-2, oxygenation improved and almost all trace fossils known before OAE-2 reappeared, although oxygenation dropped a few times to anoxia. Generally, the short oxygenation changes reveal a periodicity, which may suggest a Milankovitch control.