The first complete submillimeter spectrum (190–670 μm) of the Seyfert 2 galaxy NGC 1068 has been observed with the SPIRE Fourier transform spectrometer on board the Herschel Space Observatory. The sequence of CO lines (J up= 4–13), lines from H 2 O, the fundamental rotational transition of hydrogen fluoride, two oH 2 O+ lines, and one line each from CH+ and OH+ have been detected, together with the two [C i] lines and the [N ii] 205 μm line. The observations in both single pointing mode with sparse image sampling and in mapping mode with full image sampling allow us to disentangle two molecular emission components, one due to the compact circumnuclear disk (CND) and one from the extended region encompassing the star-forming ring (SF-ring). Radiative transfer models show that the two CO components are characterized by densities of n (H 2)= 10 4.5 and 10 2.9 cm− 3 and temperatures of T kin= 100 K and 127 K, respectively. A comparison of the CO line intensities with the photodissociation region (PDR) and X-ray-dominated region (XDR) models, together with the other observational constraints, such as the observed CO surface brightness and the radiation field, indicates that the best explanation for the CO excitation of the CND is an XDR with a density of n (H 2)∼ 10 4 cm− 3 and an X-ray flux of 9 erg s− 1 cm− 2, consistent with illumination by the active galactic nucleus, while the CO lines in the SF-ring are better modeled by a PDR. The detected water transitions, together with those observed with the Herschel PACS spectrometer, can be modeled by a large velocity gradient model with low temperature (T kin∼ 40 K) and high density (n (H 2) in the range 10 6.7–10 7.9 cm− 3). The emission of H 2 O+ and OH+ are in agreement with PDR models with cosmic-ray ionization. The diffuse ionized atomic component observed through the [N ii] 205 μm line is consistent with previous photoionization models of the starburst.