The Permian–Triassic extinction was the largest Phanerozoic mass extinction event, yet its ultimate causes remain unresolved. Ocean redox conditions, global warming, and carbon cycle perturbations owing to massive volcanism and their inter-relationships are keys to resolve the origins of this event. We here assess such relationships using a method to obtain an instantaneous stratigraphic response from high-resolution (millennial-scale) records of carbonate-δ¹³C and pyrite framboid size distributions across the Permian–Triassic boundary (PTB) at Meishan, China. We report two gradual long-term negative δ¹³C shifts before and after the PTB. Late Permian ocean redox conditions varied through three successive oxic–dysoxic, dysoxic–euxinic, and high-frequency euxinic stages. Oxic and high-frequency euxinic events occurred in the early Griesbachian and middle Griesbachian, respectively. The short-term euxinia events were not associated with the negative δ¹³C excursions. Siberian volcanism could have produced large light-carbon inputs, global warming, and low-oxygen conditions at intermediate ocean depths, but it may not directly drive high-frequency euxinia across the PTB. Long-term dysoxia and occasional euxinia well before the PTB stressed mobile macroorganisms and caused gradual extinction before the major extinction event. High-frequency latest Permian euxinia reduced overall biotic adaptability, and caused the initial rapid mass extinction. Increasing temperatures and other deleterious environment factors then reinforced the extinction process. Oxic conditions contributed to biotic recovery immediately after the mass extinction in the early Griesbachian. Further millennial-scale dysoxic/euxinic alternations in the middle Griesbachian would have prolonged Early Triassic biotic recovery.