Our understanding of the chronology of human evolution is changing almost monthly as archaeologists, physical anthropologists, primatologists, geneticists, and other scientists make new discoveries. For that reason all dates here are subject to question. The general outlines of the debate are relatively stable.
Two theories:
Homo sapiens sapiens (us):
Climate of Europe during this period had several warm-cool cycles, which would have favored a highly adaptable species with advanced communication and problem-solving capabilities:
130,000 to 110,000 years ago it was like today
110,000 to 75,000 years ago it was slightly cooler
75,000 to 30,000 years ago it was cool to borderline glacial
35,000 to 12,000 years ago was a full glacial climate (this is the period when the archaeological evidence shows Homo sapiens sapiens replacing Homo neaderthalenis in Europe)
The glacial climate ended abruptly 12,000 years ago (beginning of the Mesolithic period). The last 12,000 years have seen smaller fluctuations in climate, most lasting a few hundred to a few thousand years, but none returning to the glacial climate of 20,000 years ago.
During most of the glacial period, the Neanderthals were the only human inhabitants of Europe. Fully modern people arrived about 40,000 years ago and within 5,000 years after that the Neanderthals were gone.
The modern humans of the Upper Paleolithic produced functional and beautifully-flaked blades, punches, burins, needles, wooden and bone tools (the first known) and leather goods. Many of these had designs carved on them (also the first known), indicating a level of artistic expression that is not seen with the Neanderthals (though a suspected bone flute has been found in a Neanderthal site).
Notes compiles by Mary Prevo, Hampden-Sydney College, May 21, 2002. January 12, 2010.