Coleoid cephalopods are widespread from the Mesozoic till today. The extinct group of the Phragmoteuthida is thought to represent either stem-neocoleoids, stem-decabrachians, or stem-octobrachians. The well-known, almost complete specimens of Phragmoteuthis bisinuata from the Carnian Polzberg Konservat-Lagerstätte near Lunz am See (Lower Austria, Northern Calcareous Alps) and Cave del Predil (Northern Italy, Julian Alps) come from historical collections. These specimens do not reflect the entire coleoid assemblage within this environment. In order to obtain a more complete picture of the Carnian coleoid fauna, 430 coleoid specimens from the Polzberg locality and 60 specimens from contemporaneous localities around Cave del Predil were studied in detail. All available elements (phragmocones, proostraca, cartilages, hooks, beaks, ink sacs) attributed to the coleoid fauna were recorded, measured and evaluated taxonomically and taphonomically. Reviews of historical collection material permitted comparisons with recently collected material. The notation of co-occurrences of other faunal elements yielded insights into the palaeoecological context of this Upper Triassic environment within the Polzberg Basin. The new material from Polzberg does not support the previous assumption of a monospecific composition of the Polzberg coleoid fauna. Instead, we report the occurrence of the new phragmoteuthid Phragmoteuthis polzbergensis nov. sp. and a newly excavated specimen of Phragmoteuthis indicates the presence of ten arms within the group of the Phragmoteuthida for the first time. Phragmocones with small opening angles combined with cylindrical (roundly closed) body chambers, and arm hook types which are unusual for phragmoteuthids indicate the presence of the basal coleoid group comprising the rostrum-less genus Mojsisovicsteuthis.