The Hagen-Balve Reef is one of the largest Devonian carbonate complexes in the Rhenish Massif exposed in many former or active, economically significant quarries, especially in the Hönne Valley region at its eastern end. The timing and patterns of reef drowning, final extinction, and the middle Frasnian to middle Famennian post-reefal facies history, including details of the global Kellwasser Crisis, were studied based on two boreholes (HON_1101 and B102) and one outcrop at the Beul near Eisborn. More than 100 conodont samples provided a fine biostratigraphic framework and included new forms left in open nomenclature. The ca. upper 80 m of the new Asbeck Member of the Hagen-Balve Formation consists of relatively monotonous lagoonal successions assigned to four microfacies types. The local diversity of reef builders, mostly stromatoporoids, is low. Fenestral microbialites indicate very shallow and rather hostile back-reef settings. Near the Middle/Upper Devonian boundary, the eustatic pulses of the global Frasnes Events led to a significant backstepping of the reef margin, with reef core/outer slope facies overlying lagoonal facies. This flooding drastically reduced the carbonate accumulation rate and enabled the invasion of drowned back-reef areas by open-water organisms, such as polygnathid conodonts. Within this Eisborn Member, five microfacies types and numerous subtypes are distinguished including low-diversity “coral gardens” and a final, top lower Frasnian parabiostrome dominated by tabulate and colonial rugose corals. There was no cap stage (“Iberg Facies”). Two phases of the Basal Frasnes Event are marked by dark, organic rich limestones with subordinate reef builders. Based on conodont fauna from overlying nodular limestones of the new, (hemi-)pelagic Beul Formation, the final Hönne Valley reef extinction was caused by the eustatic Middlesex Event at the lower/middle Frasnian boundary. Within the Beul Formation, eight subphotic submarine rise microfacies types are distinguished. After a lower middle Frasnian phase of extreme condensation, rich conodont faunas enable the recognition of most upper Frasnian to middle Famennian zones. The global semichatovae Event led to a regionally unique intercalation by four phases of organic-rich, laminated black shales and intervening thin limestones in core HON_1101. The Lower Kellwasser Event is represented in HON_1101 by atypical, moderately Corg-rich, recrystallized, peloidal ostracod-mollusk pack-grainstones. The Upper Kellwasser level begins with an ostracod bloom, followed either by recrystallized mollusk wacke-packstones (HON_1101) or laminated, argillaceous mudstones (B102). The first indicates a rarely documented shallow subphotic, better oxygenated setting than typical Upper Kellwasser facies. As elsewhere, the top-Frasnian conodont extinction was severe. The lower/middle Famennian carbonate microfacies of the Beul Formation is relatively monotonous and typical for an oxic, pelagic submarine rise. The youngest recorded nodular limestones fall in the Palmatolepis marginifera utahensis Zone. Regionally uniform lydites of the Hardt Formation show that the local palaeotopography was levelled before the base of the Viséan. The Hönne Valley case study and comparisons with western parts of the Hagen-Balve Reef and other Rhenish reefs underline the significance of Givetian to middle Frasnian eustatic and anoxic events as causes for reef extinctions.