The Hongge layered intrusion (259 Ma), which is located in the inner zone of the Emeishan large igneous province (ELIP), is one of the most typical Fe–Ti–V ore deposits in the Pan–Xi area. Mafic–ultramafic layered intrusions of the ELIP have attracted a lot of attention lately because these intrusions host world class Fe–Ti–V oxide deposits plus interesting Cu–Ni–(PGE) mineralization which may have economic potential. This paper, reports new whole-rock major and trace element compositions, PGE abundances and Sr–Nd isotopic data for selected cumulate rocks and basalts. We use these data to investigate the nature of parental magmas and the controls on its evolution from the source mantle en route to the surface involving the Hongge ore-bearing intrusion. Two abrupt changes in Mt/Ilm and trace element ratios such as Ba/Th with depths in the Hongge layered intrusion indicate that this intrusion formed by at least two pluses of relatively primitive magma. The whole rock Sr–Nd isotopic data of basaltic and intrusive rocks plot in the region of Emeishan low-Ti basalts and the compositions of residual liquid (at ∼1260 °C and 1155 °C) calculated by MELTS are similar to our actual high-Ti (BFQ-2) and low-Ti (BC-1) basltic samples, indicate they are co-magmatic rather than derivation from a distinct source. Total PGE abundances in the Hongge samples are extremely low, ranging from 0.5 to 10 ppb. Sulfide-bearing rocks in the Hongge intrusion and the nearby coeval Banfangqing and Baicao basalts have similar mantle-like Pd/Pt ratios (2–6) and extremely high Cu/Pd ratios (3 × 10⁴ to 4 × 10⁵), indicating that sulfide segregation took place at depth prior to emplacement at Hongge and eruption in this region. Sulfide saturation in the Hongge magma may have resulted from such crustal contamination event. Crystallization of silicate minerals under the anhydrous magma, magma hydration plus Fe–Ti enrichments in the parental magma are three critical factors for the formation of Fe–Ti oxide ore layers in the Hongge intrusion.