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Quick Answer. The Boxing Day tsunami that occurred on Dec. 26, 2004, was caused by an earthquake of above 9 magnitude in the Indian Ocean. The earthquake was caused by the movement of the Indio-Australian tectonic plate as it subducted below the Eurasian plate, causing the seafloor above it to lift upwards. Continue Reading.
(Related story: 10 most destructive tsunamis in history) Tsunamis: How they form. Underwater volcanoes erupting, icebergs calving and in rare instances meteorites hitting the ocean have all produced the giant waves in the past. But very large underwater earthquakes are responsible for about three-quarters of all tsunamis.