The Late Cretaceous was a time of blossoming teleost diversification that came to a sudden restriction and partial termination during the extinction event at the Cretaceous–Paleogene (K/Pg) boundary. Among the dominant and diverse Late Cretaceous teleost groups prior to the K/Pg boundary event were certain pelagic Aulopiformes (e.g., Ichthyotringoidei and Enchodontoidei) and a large variety of basal Acanthomorpha whose relationships are difficult to determine. The skeletal record diminishes during the late Campanian and is low in the Maastrichtian and Paleocene, constituting the so-called ‘Patterson’s Gap’. Recent studies of fossil otoliths, however, have significantly increased the number of taxa recognised for this time inerval, but most of the putative extinct forms lack adequate calibration with otoliths found in situ in articulated skeletons. However, the otolith assemblages do confirm the presence of great morphological diversity among Aulopiformes and Acanthomorpha incertae sedis that became extinct at the K/Pg boundary. In the present review, we elucidate the effect of the K/Pg boundary from an otolith perspective and categorise extinct lineages and survivors. It is interesting to recognise that several of the surviving lineages are represented by groups that probably originated during the Late Cretaceous but were not particularly common up to the K/Pg boundary and began to expand rapidly and diversify during the early Paleogene. Such lineages probably took advantage to populate void ecospace that may have opened following the extirpation of previously dominant lineages. During the early Paleogene, the otolith record shows that the Ophidiiformes and perciforms s. lat. were the ones that diversified the most rapidly and became the most abundant, and in certain areas associated with the Gadiformes.