The results of detailed biostratigraphic, lithological, isotopic-geochemical, and petromagnetic analysis of the sedimentary sequence at the Cretaceous-Paleogene boundary in the Gams area, Eastern Alps, Austria, point to two stages in the evolution of the transitional layer at the Cretaceous-Paleogene boundary. During the earlier one of these stages which lasted for approximately 1500 years, as follows from conservative estimates of the sedimentation rate, the transitional layer was formed under the effect of volcanic aerosol. The later one caused the presence of titanomagnetite, gold, and copper, as well as high concentrations of Ir, As, Pb, Cr, and other elements in the rocks. The occurrence of an Ir anomaly in the lower part of the transitional layer and the presence of titanomagnetite, Cu, and Au in it were related to volcanic activity. During the later stage, the character of sedimentation was affected by the fall of an asteroid meteorite, and traces of its material are discernible as beads of metallic Ni, awaruite, and diamond crystals. The conclusions drawn from the results of our analysis principally differ from all preexisting data on the transitional layer between the Cretaceous and Paleogene and provide another look at the reasons for the mass extinction of living organisms at 65nbsp;Ma. These data eliminate the need for opposing volcanism to an impact event: both took place, but the changes in the biota were induced by volcanism, as also was the appearance of the Ir anomaly itself, whereas the fall of a cosmic body occurred approximately 500-800 years later.