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Paleosecular variation analysis is a primary tool for characterizing ancient geomagnetic behavior and its evolution through time. This study presents a new high‐quality directional data set, paleosecular variation of the Paleogene (PSVP), with and without correction for serial correlation, compiled from 1,667 sites from 45 different localities from the Paleogene and late Cretaceous (84–23 Ma). The data set is used to study the variability, structure, and latitude dependence of the geomagnetic field during that period by varying selection criteria and PSV models. Modeled values for the equatorial virtual geomagnetic pole (VGP) dispersion have over‐lapping uncertainty intervals within their uncertainty bounds between 8.3° and 18.6° for the past 250 Ma. We investigate the suitability of two descriptive models of PSV, Model G‐style quadratic fits and covariant Giant Gaussian Process models, and find that both styles of model fail to satisfactorily reproduce the latitude dependent morphology of PSV, but suggest that estimates of the equatorial VGP dispersion may still robustly characterize aspects of Earth's long‐term field morphology. During this time where the PSV behavior has not changed substantially, the reversal frequency has varied widely. The lack of a clear relationship between PSV behavior and reversal frequency is not trivially explained in the context of published findings regarding numerical geodynamo simulations. Plain Language Summary: The geomagnetic field is saved in volcanic rocks, which can be used to study the direction and intensity of this field millions of years later. The magnetic field is formed in the geodynamo in the Earth's outer core. The study of geomagnetic field changes through time gives us information on the changes in the Earth's outer core, lower mantle and inner core. In this study, all the data from the Paleogene and Late Cretaceous were gathered (84–23 million years ago) and studied to see how much the geomagnetic field changed through that time. With this study we now have information on the variability of the field for the entirety of the past 320 million years. We see that during the last 250 million years, the directional variability of the field seems to have varied little, even though the frequency of reversals varied massively. Some numerical simulations of the dynamo process occurring in Earth's core had previously suggested that both of these two things were directly correlated to the magnitude of heat flowing from the outer core to the mantle. Our new results suggest a more complex, nuanced picture. Key Points: A new data set, paleosecular variation of the Paleogene, comprising 1,667 paleomagnetic directions from 45 different localities of volcanics aged between 84 and 23 MaMedian equatorial dispersions of virtual geomagnetic poles have overlapping uncertainty bounds since 250 MaLarge fluctuations in the reversal frequency are not associated with large fluctuations in the inferred median axial dipole dominance [ABSTRACT FROM AUTHOR]