Significance There has been long-standing debate about the relative roles of intrinsic biotic interactions vs. extrinsic environmental factors as drivers of biodiversity change. Here, we show that, relatively early in the history of complex life, Milankovitch “grand cycles” associated with astronomical rhythms explain between 9 and 16% of variation in species turnover probability (extinction probability plus speciation probability) in a major Early Paleozoic zooplankton group, the graptoloids. These grand cycles would have modulated climate variability, alternating times of relative stability in the environment with times of maximum volatility, which influenced oceanic circulation and structure and thus, phytoplankton populations at the base of the marine food web.