Established theories ascribe much of the observed long‐term Cenozoic climate cooling to atmospheric carbon consumption by erosion and weathering of tectonically uplifted terrains, but climatic effects due to changes in magmatism and carbon degassing are also involved. At timescales comparable to those of Milankovitch cycles, late Cenozoic building/melting of continental ice sheets, erosion, and sea level changes can affect magmatism, which provides an opportunity to explore possible feedbacks between climate and volcanic changes. Existing data show that extinction of Neo‐Tethyan volcanic arcs is largely synchronous with phases of atmospheric carbon reduction, suggesting waning degassing as a possible contribution to climate cooling throughout the early to middle Cenozoic. In addition, the increase in atmospheric CO2 concentrations during the last deglaciation may be ascribed to enhanced volcanism and carbon emissions due to unloading of active magmatic provinces on continents. The deglacial rise in atmospheric CO2 points to a mutual feedback between climate and volcanism mediated by the redistribution of surface masses and carbon emissions. This may explain the progression to higher amplitude and increasingly asymmetric cycles of late Cenozoic climate oscillations. Unifying theories relating tectonic, erosional, climatic, and magmatic changes across timescales via the carbon cycle offer an opportunity for future research into the coupling between surface and deep Earth processes.