The Ediacaran Campo Alegre-Corupá Basin (CACB) comprises a rare and excellent exposure of caldera-forming pyroclastic rocks and their cogenetic underlaying plutons. The CACB experienced at least two major episodes of bimodal volcanic activity. The Basin Stage (∼605–590 Ma), characterized by transitional OIB-like basaltic lava flows with minor trachydacites and rhyolites, interbedded with surge-like, silicic pyroclastic deposits, and the Caldera Stage (∼583–577 Ma), marked by at least one cycle of silicic alkaline, caldera-forming eruption, dominated by rhyolitic to trachytic ignimbrites and lava flows/domes with subordinate IAB-like basalts. During the Caldera Stage, granitoid plutons were emplaced at shallow crustal levels (∼5–8 km deep), correlating with the depth of the magma chamber responsible for the contemporaneous large silicic eruption(s). Previous studies have suggested a genetic connection between the post-collisional volcanic and plutonic rocks based on their similar ages, composition, and Sr-Nd-Hf isotopic signatures. In this study, we analyze zircon trace elements from the volcanic rocks of both stages in the CACB to constrain their evolutive compositional patterns, redox conditions, and Ti-in-zircon saturation temperatures. We compare our results with zircon compositions of the cogenetic granitoids, focusing on the Corupá Pluton, which likely supplied the magma for the caldera-forming eruption(s). By examining whole-rock and zircon chemical compositions, we establish a petrogenetic link between the volcanic rocks and their potential remnant magma reservoir. Our findings indicate that the silicic volcanic rocks from the Caldera Stage represent highly evolved compositions extracted from a crystal mush that solidified as a syenitic intrusion. During the evolution of the volcanic-plutonic system, zircon crystals tracked compositional changes associated with the extraction of residual silicic liquids from crystal mushes and the formation of intermediate-silicic cumulates. Unique variations in zircon compositions of volcanic and plutonic rocks, such as Eu/Eu*, Zr/Hf, and Th/U ratios support such a connection and suggest crystal-melt segregation processes at relatively low crystallinities (< 30 vol%). Additionally, our trace element data supports the occurrence of intense hydrothermal-induced recrystallization of zircon within the caldera structure, as suggested by the morphologic aspects of crystals previously analyzed for UPb and LuHf isotopes.