The sudden destabilization of voluminous magma after stable accumulation in a crustal magma chamber is a key process in the sequence of a catastrophic caldera-forming eruption. We investigated the petrological characteristics of magma that has erupted before, during and after the caldera-forming eruption of the Aira Caldera, Japan. This provides an example of the evolution of a rhyolite magma system during a catastrophic caldera-forming eruption. Stratigraphic and petrological investigations on the pre-caldera eruptive materials showed accumulation of high-silica rhyolite 4–5 km below the ground surface, which commenced at least ~ 30,000 years prior to the caldera-forming eruption. A part of the accumulated rhyolite magma leaked from the chamber and caused several pre-caldera eruptions. Phase equilibrium relationships and water concentrations in glass inclusions in phenocrysts suggest that the vertical extension of rhyolite magma chamber was 2–2.5 km. The rhyolite magma maintained a temperature between 735 and 800 °C and crystal mush state with 20–50% of crystallinity during its accumulation. The injection of mafic magmas destabilized the stored magma. Further, the heating of the rhyolite magma to 780–840 °C by the heat transfer from the mafic magma decreased the crystallinity down to 10% and induced mobilization of the stored rhyolite magmas. The remobilized magma could erupt as the Plinian eruption at the beginning and produced the Osumi pumice-fall deposit. This deposit occupies approximately 10% of the total volume of the erupted magma during the caldera-forming eruption. Though the extraction of rhyolite magma was limited to part of the magma chamber, decompression of the magma chamber by the magma extraction was enough to induce the caldera collapse and resulted in the eruption of the main ignimbrite (Ito ignimbrite) from the rest of the magma chamber. The volume of the erupted magma during the caldera-forming eruption is comparable with that of the magma chamber. New rhyolite magma with discernible composition from the rhyolite magmas of the caldera-forming eruption started accumulating in the magma chamber following the caldera-forming eruption and was the source for the post-caldera eruptions.