Rhyolite flows and tuffs from the Long Valley area of California, which were erupted over a two-million-year time period, exhibit systematic trends in Nd, Hf, and Pb isotopes, trace element composition, erupted volume, and inferred magma residence time that provide evidence for a new model for the production of large volumes of silica-rich magma. Key constraints come from geochronology of zircon crystal populations combined with a refined eruption chronology from Ar–Ar geochronology; together these data give better estimates of magma residence time that can be evaluated in the context of changing magma compositions. Here, we report Hf, Nd, and Sr isotopes, major and trace element compositions, 40Ar/39Ar ages, and U–Pb zircon ages that combined with existing data suggest that the chronology and geochemistry of Long Valley rhyolites can be explained by a dynamic interaction of crustal and mantle-derived magma. The large volume Bishop Tuff represents the culmination of a period of increased mantle-derived magma input to the Long Valley volcanic system; the effect of this input continued into earliest postcaldera time. As the postcaldera evolution of the system continued, new and less primitive crustal-derived magmas dominated the system. A mixture of varying amounts of more mafic mantle-derived and felsic crustal-derived magmas with recently crystallized granitic plutonic materials offers the best explanation for the observed chronology, secular shifts in Hf and Nd isotopes, and the apparently low zircon crystallization and saturation temperatures as compared to Fe–Ti oxide eruption temperatures. This scenario in which transient crustal magma bodies remained molten for varying time periods, fed eruptions before solidification, and were then remelted by fresh recharge provides a realistic conceptual framework that can explain the isotopic and geochemical evidence. General relationships between crustal residence times and magma sources are that: (1) precaldera rhyolites had long crustal magma residence times and high crustal affinity, (2) the caldera-related Bishop Tuff and early postcaldera rhyolites have lower crustal affinity and short magma residence times, and (3) later postcaldera rhyolites again have stronger crustal signatures and longer magma residence times.