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An integrated stratigraphical, sedimentological, geochemical and sequential analysis has been carried out on the Liassic rocks of the Basque–Cantabrian basin in northern Spain using outcrop and subsurface data. The study documents the progressive drowning and backstepping of an epeiric carbonate ramp that originated during the worldwide late Triassic–early Jurassic transgression. Two major carbonate depositional systems have been recognized within the drowning succession: (1) a late Triassic–early Sinemurian shallow-marine ramp, which reflects a progressive marine transgression over Triassic continental deposits; (2) a late Sinemurian–Toarcian set of hemipelagic ramps, which recorded the progressive drowning and backstepping of the ramp system during a second major event of marine flooding. Sequence stratigraphic analysis of the Liassic succession has revealed that transgressive–regressive trends constitute the most evident cyclicity. A major transgressive–regressive cycle and six subsidiary transgressive–regressive facies cycles have been defined in the basin and compared with those defined in other European basins. Although a good correlation exists for the major transgressive–regressive cycle, significant discrepancies have been found for the number, limits and extent of the transgressive–regressive facies cycles reflecting the effects of local tectonics. The overall backstepping within the Basque–Cantabrian basin resulted in a dominance of transgressive episodes across a range of different scales. Accordingly, regressive intervals are less well developed except during limited periods of active tectonics as occurred in the mid-Sinemurian. These progressively longer and deeper marine flooding intervals, followed by relative stillstand or minor sea-level falls, are interpreted to reflect high thermal subsidence rates coupled with a Liassic eustatic transgression.

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Stable isotope and trace element analyses of 230 Jurassic (Pliensbachian–Toarcian) samples from northern Spain have been performed to test the use of geochemical variations in fossils (belemnites and brachiopods) and whole‐rock hemipelagic carbonates as palaeoceanographic indicators. Although the succession analysed (Reinosa area, westernmost Basque–Cantabrian Basin) has been subject to severe thermal alteration during burial diagenesis, the samples appear to be well preserved. The degree of diagenetic alteration of the samples has been assessed through the application of integrated petrographic, chemical and cathodoluminescence analyses. It is demonstrated that brachiopods and whole‐rock carbonates, although widely used for palaeoceanic studies, do not retain their primary marine geochemical composition after burial diagenesis. In contrast, there is strong evidence that belemnite rostra preserve original isotopic values despite pervasive diagenesis of the host rock. Well‐preserved belemnite shells (non‐luminescent to slightly luminescent) typically show stable isotope values of +4·3‰ to –0·7‰δ13C, +0·7‰ to –3·2‰δ18O, and trace element contents of <32 μg g–1 Mn, <250 μg g–1 Fe, >950 μg g–1 Sr and Sr/Mn ratios >80. This study suggests that the degree to which diagenesis has affected the preservation of an original isotopic composition may differ for different low‐Mg calcite fossil shells and hemipelagic bulk carbonates, behaviour that should be considered when marine isotopic signatures from other ancient carbonate rocks are investigated. Multiple non‐luminescent contemporaneous belemnite samples passed the petrographic and geochemical tests to be considered as palaeoceanic recorders, yet their δ13C and δ18O values exhibited moderate scatter. Such variability is likely to be related to the palaeoecological behaviour of belemnites and/or high‐frequency secular variations in sea‐water chemistry superimposed on the long‐term isotopic trend. A pronounced positive carbon‐isotope excursion (up to +4·3‰) is documented in the early Toarcian serpentinus biozone, which correlates with the Toarcian δ13C maximum reported in other European and Tethyan regions.