The Paleocene–Eocene thermal maximum (PETM), alternatively "Eocene thermal maximum 1" (ETM1), and formerly known as the "Initial Eocene" or "Late Paleocene thermal maximum", was a time period with a more than 5–8 °C global average temperature rise across the event. This climate event occurred at the time boundary of the Paleocene and Eocene geological epochs. The exact age and duration of the event is uncertain but it is estimated to have occurred around 55.5 million years ago (Ma).

The associated period of massive carbon release into the atmosphere has been estimated to have lasted from 20,000 to 50,000 years. The entire warm period lasted for about 200,000 years. Global temperatures increased by 5–8 °C.

The onset of the Paleocene–Eocene thermal maximum has been linked to volcanism and uplift associated with the North Atlantic Igneous Province, causing extreme changes in Earth's carbon cycle and a significant temperature rise. The period is marked by a prominent negative excursion in carbon stable isotope (δ¹³C) records from around the globe; more specifically, there was a large decrease in ¹³C/¹²C ratio of marine and terrestrial carbonates and organic carbon. Paired δ¹³C, δ¹¹B, and δ¹⁸O data suggest that ~12000 Gt of carbon (at least 44000 Gt CO₂e) were released over 50,000 years, averaging 0.24 Gt per year.

Stratigraphic sections of rock from this period reveal numerous other changes. Fossil records for many organisms show major turnovers. For example, in the marine realm, a mass extinction of benthic foraminifera, a global expansion of subtropical dinoflagellates, and an appearance of excursion, planktic foraminifera and calcareous nanofossils all occurred during the beginning stages of PETM. On land, modern mammal orders (including primates) suddenly appear in Europe and in North America.