Cavity attenuated phase shift Faraday rotation spectroscopy has been developed and demonstrated by oxygen detection near 762 nm. The system incorporates a high-finesse cavity together with phase-sensitive balanced polarimetric detection for sensitivity enhancement and achieves a minimum detectable polarization rotation angle (1σ) of 5.6 × 10-9 rad/√Hz, which corresponds to an absorption sensitivity of 4.5 × 10-10 cm-1/√Hz without the need for high sampling rate data acquisition. The technique is insusceptible to spectral interferences, which makes it highly suitable for chemical trace gas detection of paramagnetic molecules such as nitric oxide, nitrogen dioxide, oxygen, and the hydroxyl/hydroperoxyl radicals.