Site 723 is located in a water depth of 808 m at the center of the oxygen minimum zone and the middle part of the main thermocline on the Oman Margin. Oxygen isotope curves of planktonic δ18OP and benthic δ18OB can be traced back continuously to Stage 23 with high resolution measurements. A tentative correlation to Stage 53 has been tried using oxygen isotope stratigraphy. The amplitudes of the fluctuations of the benthic δ18OB curve are small, compared with the planktonic δ18OP curve. The delays of benthic oxygen isotopes δ18OB related to the planktonic δ18OP appear in the transgressive stages. The calculated rate of sedimentation based on oxygen isotope stratigraphy in glacial stages is significantly high, two to four times that of interglacial stages, and the absolute flux of fluvial sediments with variability of lithofacies increased in the glacial stage. The present glacial-interglacial cycle with the fluctuation of upwelling relating to the southwest monsoon can be traced back to Stage 8, 250 ka.