In this study we have applied different indices based on long chain diols, i.e., the Long chain Diol Index (LDI) as proxy for past SST, the Diol Index as indicator of past upwelling conditions and the Nutrient Diol Index (NDI) as proxy for nitrate and phosphate concentrations in seawater. The proxies were analyzed in marine sediments recovered at ODP Site 1234, located within the Peru-Chile upwelling system, with a 2 kyr resolution, covering the last 150 kyrs. We also generated TEX^H^~86 and U_K'37 temperature and planktonic δ^18^O records, as well as total organic carbon (TOC) and accumulation rates (ARs) of TOC and lipid biomarkers (i.e., C~37~ alkenones, GDGTs, dinosterol and loliolide) to reconstruct past phytoplankton production. The LDI-derived SST record co-varies with TEX^H^86- and UK'37-derived SST records as well as with the planktonic δ^18^O record, implying that the LDI reflects past SST variations at this site. TOC and phytoplankton AR records indicate increased export production during the Last Interglacial (MIS 5), simultaneous with a peak in the abundance of preserved _Chaetoceros diatoms, suggesting intensified upwelling during this period. The Diol Index is relatively low during the upwelling period, but peaks before and after this period, suggesting that Proboscia diatoms were more abundant before and after the period of upwelling. The NDI reveals the same trends as the Diol Index suggesting that the input of nitrate and phosphate was minimal during upwelling, which is unrealistic. We suggest that the Diol Index and NDI should perhaps be considered as indicators for Proboscia productivity instead of upwelling conditions or nutrient concentrations.