AbstractThe High‐Pressure Phyllites‐Quartzites (PQ) unit of the External Hellenides is exposed in tectonic windows in the central and northern Peloponnese (Greece). Understanding the deformation history of this unit is essential to interpreting the Oligo‐Miocene evolution of the External Hellenides belt and its associated exhumation events. This study integrates new field observations and microtectonic analyses with previous studies to offer a comprehensive deformation model of the PQ unit since the Late Oligocene. The first deformation phase (D1), captures the progressive incorporation of the PQ into an orogenic wedge. This phase is largely overprinted and only preserved as relict features. The second phase (D2) displays coeval top‐to‐the‐ENE and top‐to‐the‐WSW localized ductile shear. A transition is observed from top‐to‐the‐ENE non‐coaxial deformation at the upper parts of the nappe to intense isoclinal folding (refolding S1) at the lower structural levels. We associate D2 with the ductile syn‐orogenic exhumation of the PQ within an extrusion wedge, accompanied by greenschist‐facies retrogression. In the third phase (D3), semi‐brittle to brittle extensional fault planes cut through the previous ductile structures. D3 faults exhibit extensional kinematics in all directions on the flanks of exhumation domes. This phase correlates with a late‐orogenic doming event, marking the final exhumation stage of the PQ unit in the upper crust. The exhumation of high‐pressure units results from the interplay between ductile syn‐orogenic extrusion and continuous underplating within the subduction zone. This underplating maintains vertical movements and uplift of the units, initiating a 3D upper‐crustal extensional collapse along low‐angle normal faults.