—The paper presents a detailed review of chemostratigraphic data on the Bonarelli oceanic anoxic event (OAE2) at the Cenomanian–Turonian boundary from different regions worldwide, with a focus on the respective redox conditions in the basins, metal anomalies, and δ13C excursions. Marine sediments with OAE2 signatures in Eastern Kamchatka are compared with their counterparts from submarine volcanic rises in the northwestern Pacific. The available isotope ages of lavas from some large igneous provinces are correlated with the age of OAE2. The Bonarelli event was triggered and governed by several interrelated factors: volcanism, climate, and ocean circulation. The supply of nutrients into oceans as a result of enhanced magmatism, hydrothermal activity, and weathering on continents played an important role in maintaining anoxia. The spatial patterns of black-shale deposition were controlled by ocean circulation. Geochemical and biochemical processes associated with high productivity ultimately led to its reduction and to the recovery of oxic conditions in oceans.