The obtained new data on conodonts, brachiopods, ammonoids, and ostracods from the Stolb Island section indicate the predominantly Early Famennian (triangularis–Lower rhomboidea Zones) age of sedimentation. The Upper Kellwasser global biotic event, which marks the Frasnian/Famennian boundary, has been distinguished for Arctic Siberia for the first time. It was found that carbonate-terrigenous sequences accumulated in basinal sedimentary environments. Fine-clastic material was supplied to the sediments from different sources. A flow of dolomite debris is associated with the most distant source—areas of evaporite sedimentation. The presence of calcareous fragments is due to destruction of skeletal material (close provenance areas). Siliciclastics, which make up a considerable part of the sediments, were produced by partial rewashing and eolian differentiation of felsic pyroclastics. The existence of organic-rich horizons and beds of well-washed and well-sorted clastic sequences suggests that the Upper Devonian sediments have a high general petroleum potential.