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The paper presents the new results of study of Oligocene-Miocene deposits from Islandag outcrop located within the Central Gobustan, southeastern edge of the Greater Caucasus, Azerbaijan. The authors established a marker bed represented by colored marls at the boundary of Upper and Lower Miocene in the outcrop. 113 samples were collected, described and field GR measurements were run in the outcrop. Detailed stratigraphic subdivision of the study area have been done based on integrated interpretation of the field data and analytical work. The results of macro and micro-biostratigraphic investigations of collected samples suggest presence of the fish casts and leaf prints in some samples. Fragments of Pelecypoda sp., Gasyropoda sp., Spaniodontella sp., Spirialis chokrakensis and Spirialis tarchanensis, fish remains (teeth, vertebra), fragments and full imprints of herring fish as well as, traces of soft bodies of the invertebrate animals, sea urchin, insect and tadpole were revealed. Integrated analysis of collected field data, biostratigraphic analyses macro- and microfaunal remains, as well as imprints of fish, plants and dinoflagellates together with the data from the previous studies suggest that during Oligocene-Miocene time, sedimentation within the territory of Central Gobustan occurred in the shelf zone of paleo-basin, and, probably, in subtropical climate conditions.