A major deterioration in global climate occurred through the Eocene-Oligocene time interval, characterized by long-term cooling in both terrestrial and marine environments. During this long-term cooling trend, however, recent studies have documented several short-lived warming and cooling phases. In order to further investigate high-latitude climate during these events, we developed a high-resolution calcareous nannofossil record from ODP Site 748 Hole B for the interval spanning the late middle Eocene to the late Oligocene (~42 to 26 Ma). The primary goals of this study were to construct a detailed biostratigraphic record and to use nannofossil assemblage variations to interpret short-term changes in surface-water temperature and nutrient conditions. The principal nannofossil assemblage variations are identified using a temperate-warm-water taxa index (Twwt), from which three warming and five cooling events are identified within the middle Eocene to the earliest Oligocene interval. Among these climatic trends, the cooling event at ~39 Ma (Cooling Event B) is recorded here for the first time. Variations in fine-fraction d18O values at Site 748 are associated with changes in the Twwt index, supporting the idea that significant short-term variability in surface-water conditions occurred in the Kerguelen Plateau area during the middle and late Eocene. Furthermore, ODP Site 748 calcareous nannofossil paleoecology confirms the utility of these microfossils for biostratigraphic, paleoclimatic, and paleoceanographic reconstructions at Southern Ocean sites during the Paleogene.