The marine oil shales of the Qiangtang Basin, northern Tibet, exposed in the Biluo Co, Tuonamu, Shenglihe and Changsheshan areas are believed to be important petroleum source rocks. This work comprehensively analyzed the carbon isotopes, trace elements, and calcareous nannofosills, ammonites and bivalves of the Biluo Co section in the Qiangtang Basin. The organic carbon isotopes show a positive excursion close to 2.17‰ (relative to PDB), which, albeit significantly smaller, may also be associated with other Early Toarcian Oceanic Anoxic Events (T-OAE) in the European epicontinental seas and the Tethyan continental margins. Coinciding with the Early Toarcian transgression, the oxygen deficiency in bottom water had led to dysoxic-anoxic conditions and deposition of black shales lacking benthic fauna. Under such condition, the redox-sensitive trace metals such as Mo, V, Ni, Cr, and U were enriched, in conjunction with high planktonic productivity of Watznaueriaceae calcareous nannofossils. Comparison of the results with the records of chemo- and biostratigraphy, as well as the palaeogeography during the Early Jurassic suggests that the anoxia linked to the Early Toarcian oceanic anoxic event was mainly caused by the high surface water temperature, sea-level rise and an increase of surface water productivity.