The authors have studied the geology, geochemistry, petrology and mineralogy of the rare earth elements (REE) occurring in the Western Keivy peralkaline granite massif (Kola Peninsula, NW Russia) aged 2674±6Ma. The massif hosts Zr- and REE-rich areas with economic potential (e.g. the Yumperuaiv and Large Pedestal Zr-REE deposits), where 25% of ΣREE are represented by heavy REE (HREE). The main REE minerals are: chevkinite-(Ce), britholite-(Y) and products of their metamict decay, bastnäsite-(Ce), allanite-(Ce), fergusonite-(Y), monazite-(Ce), and others. The areas contain also significant quantities of zircon reaching potentially economic levels. We have discovered that behavior of REE and Zr is controlled by alkalinity of melt/solution, which, in turn, is controlled by crystallization of alkaline pyroxenes (predominantly aegirine) and amphiboles (predominantly arfvedsonite) at a late magmatic stage. Crystallization of mafic minerals leads to a sharp increase of K2O content and decrease of SiO2 content that cause a decrease of melt viscosity and REE and Zr solubility in the liquid. Therefore, REE and zirconium immediately precipitate as zircon and REE-minerals. There are numerous pod- and lens-like granitic pegmatites within the massif. Pegmatites in the REE-rich areas are also enriched in REE, but HREE prevails over light REE (LREE), about 88% of REE sum.