The Antarctic Circumpolar Current (ACC) plays a crucial role in global ocean circulation by fostering deep-water upwelling and formation of new water masses. On geological time-scales, ACC variations are poorly constrained beyond the last glacial. Here, we reconstruct changes in ACC strength in the central Drake Passage over the past 140,000 years, based on grain-size and geochemical characteristics. We found significant glacial-interglacial changes of ACC flow speed, with reduced ACC intensity during glacials and a more vigorous circulation in interglacials. Superimposed on these orbital-scale changes are high-amplitude millennial-scale fluctuations, with ACC strength maxima correlating with diatom-based Antarctic winter sea-ice minima, particularly during full glacial conditions. We hypothesize that the ACC is closely linked to Southern Hemisphere millennial-scale climate oscillations, amplified through Antarctic sea ice extent changes. These strong ACC variations regulated Pacific-Atlantic water exchange via the “cold water route” and affected the Atlantic Meridional Overturning Circulation and marine carbon storage.