The Shihuiyao granite district in the southern Great Xing'an Range, Northeast China, is a newly discovered area of rare-metal-bearing granites (RMG). The latest Jurassic Shihuiyao granitic pluton, emplaced into the Lower Permian Linxi Formation, comprises porphyritic granite, leucogranite, and amazonite-bearing pegmatite, all enriched in rare metals (mainly Ta, Nb, Rb). The Shihuiyao granites are peraluminous (A/CNK = 1.02–1.27), characterized by high contents of SiO2 (69.4–78.0 wt%), Al2O3 (12.7–16.9 wt%) and total alkalis (6.8–12.8 wt%), enriched in Ta, Nb, Rb, Cs, and Sn, but depleted in Ba and Sr. They have strong negative Eu anomalies (Eu/Eu⁎ = 0.02–0.42) and show the M-type REE tetrad effect. Low Nb/Ta (<4) and Zr/Hf (<8) values indicate high degree of magmatic fractionation. Whole-rock and mineral compositions variations indicate that the Shihuiyao granites are a typical low pressure and P-poor RMG, which experienced intensive magmatic fractionation followed by intensive hydrothermal reworking. The narrow range of δ7Li values (−0.86‰ to 0.88‰) and Rayleigh distillation modeling suggest that the porphyritic granite and leucogranite represent products of the same magma source, but evolved independently at depth. LA-ICP-MS UPb dating of monazite from the porphyritic granite and leucogranite yield lower-intercept ages of 150.2 ± 0.6 Ma and 147.0 ± 1.7 Ma, respectively. The 40Ar39Ar plateau ages of mica from leucogranite (146.3 ± 1.1 Ma) and an ore-bearing quartz vein (145.6 ± 1.0 Ma), and the UPb age of columbite (146.7 ± 4.7 Ma) further identify this as a latest Jurassic magmatic-hydrothermal mineralization event in NE China. Rapid crystallization and chemical quenching of magma resulted in neutralization of the acid fluoride solution, and a loss of the fluoride ligand during fluid evolution. This further triggered the subsequent crystallization of NbTa oxides. As revealed from geochemical and textural characteristics of the columbite group minerals, the high-degree of fractional crystallization and Ta-rich hydrosilicate fluid metasomatism are the main factors leading to the enrichment of TaNb within Shihuiyao RMG. In general, we conclude that rare metal-hosted magmatism took place in two episodes in NE China, namely, (i) Latest Jurassic to Early Cretaceous (150–130 Ma) peraluminous to metaluminous Ta-Nb-Sn-W RMG, and (ii) Early Cretaceous (130–120 Ma) alkaline Nb-Ta-Be-REE-Zr RMG, which highlight the prospecting fertility for Nb-Ta-REE (SnW) mineralization in NE China.