Terminal Triassic environmental changes are characterized by an integrated study of lithology, litho- and cyclostratigraphy, paleontology, mineralogy, geochemistry and rock magnetism in the Tatra Mts. The Carpathian Keuper sequence was deposited in an arid environment with only seasonal rivers, temporal lakes and swamps with scarce vegetation. Combination of a wide range of δ¹⁸O values (–0.7 to +2.7) with negative δ¹³C values documents dolomite precipitation either from brackish or hypersaline lake water, or its derivation from pore water comparably to the Recent Coorong B-dolostone. Negative δ¹³C values indicate microbial C productivity. Rhaetian transgressive deposits with restricted Rhaetavicula fauna accumulated in nearshore swamps and lagoons. Associations of foraminifers, bivalves and sharks in the Zliechov Basin were controlled by physical factors. Bivalve mollusc biostromes were repetitively destroyed by storms, and temporary firm bottoms were colonized by oysters and burrowers. Subsequent black shale deposition recorded input of eolian dust. Bottom colonization by pachyodont bivalves, brachiopod and corals started much later, during highstand conditions. Facies evolution also revealed by geochemical data, C and O isotope curves reflect eustatic and climatic changes and help reconstruct the evolution of Rhaetian marine carbonate ramp. The Fatra Formation consists of 100 kyr eccentricity and 40 kyr obliquity cycles; much finer rhythmicity may record monsoon-like climatic fluctuations. Fluvial and eolian events were indicated by analysis of grain size and content of clastic quartz, concentrations of foraminiferal (Agathammina) tests in thin laminae indicates marine ingression events. Magnetic susceptibility (MS) variations reflect the distribution of authigenic and detrital constituents in the sequence. Increasing trend of MS correlates with the regressive Carpathian Keuper sequence and culminates within the bottom part of the Fatra Formation. Decreasing trend of MS is observed upwards the transgressive deposits of the Fatra Formation.