Abstract Greenstone belts are dominated by mafic volcanic rocks with geochemical characteristics that indicate a range of possible geodynamic influences. Many analogies with modern tectonic settings have been suggested. Increasing exploration of the modern oceans and comprehensive sampling of volcanic rocks from the sea floor are now providing unique opportunities to characterize different melt sources and petrogenesis that can be more closely compared to greenstone belts. In this study, we have compiled high-quality geochemical analyses of more than 2,850 unique samples of submarine mafic volcanic rocks (<60 wt % SiO2) from a wide range of settings, including mid-ocean ridges, ridge-hotspot intersections, intraoceanic arc and back-arc spreading centers, and ocean islands. The compiled data show significant geochemical variability spanning the full range of compositions of basalts found in greenstone belts. This diversity is interpreted to be due to variable crustal thickness, dry melting versus wet melting conditions, mantle mixing, and contamination. In particular, different melting conditions have been linked to mantle heterogeneity, complex mantle flow regimes, and short-lived tectonic domains, such as those associated with diffuse spreading, overlapping spreading centers, and triple junctions. These are well documented in the microplate mosaics of the Western Pacific. Systematic differences in mafic volcanic rock compositions in modern oceanic settings are revealed by a combination of principal components analysis and unsupervised hierarchical clustering of the compiled data. Mafic volcanic rocks from most arc-back arc systems have strongly depleted mantle signatures and well-known subduction-related chemistry such as large ion lithophile element (LILE) enrichment in combination with strong negative Nb-Ta anomalies and low heavy rare earth elements (HREEs). This contrasts with mafic volcanic rocks in Archean greenstone belts, which show no, or at least weaker, subduction-related chemistry, a less depleted mantle, less wet melting, and variable crustal contamination. The differences are interpreted to be the result of the lower mantle temperatures, thinner crust, and subduction-related processes of present-day settings. However, mafic rocks that are geochemically identical to those in Archean greenstone belts occur in many modern back-arc basins, including the Lau basin, East Scotia ridge, Bransfield Strait, and Manus basin, which are characterized by fertile mantle sources, high heat flow, and complex spreading regimes typical of small-scale microplate mosaics. These types of settings are recognized as favorable for volcanogenic massive sulfide (VMS) deposits in modern and ancient greenstone belts, and therefore the particular geochemical signatures of the mafic volcanic rocks are potentially important for area selection in base metal exploration.