The cliff and foreshore sections at Blue Anchor Bay, north Somerset, provide a detailed picture of the transitional Triassic–Jurassic succession. The site has been recorded as a location for fossil fishes for over 200 years, and yet the assemblages from the bone beds have not been described. Here, we present new observations on the two bone beds and find major faunal differences: the classic basal bone bed at Blue Anchor Bay contains an assemblage dominated by osteichthyan teeth, unexpected because elsewhere the ichthyofauna is usually dominated by chondrichthyans. The upper bone bed at Blue Anchor Bay is indeed more typical, being dominated by teeth of hybodont chondrichthyans. We report two unusual finds, first five teeth of the rare shark Parasycylloides turnerae, only the fifth such record in the UK. Further, we report here for the first time a tooth of the pycnodontiform Eomesodon, the first report of this taxon from the Triassic of the UK or Europe. The two bone beds are distinguished not only by different assemblages, but also by evidence of different degrees of anoxia and water depth: the upper bone bed contains abundant pyrite and marcasite, indicating highly anoxic conditions, and perhaps deposition in deeper water than the basal bone bed.