Widely distributed Oligocene−Miocene ultrapotassic volcanic rocks in the Lhasa terrane of southern Tibet have been associated with the melting of the lithospheric mantle, plateau uplift, and porphyry Cu-Au mineralization. This study presents the mineral chemistry of olivine and clinopyroxene phenocrysts, whole-rock major and trace element data, and zircon U-Pb geochronological and Hf isotopic data for the Sailipu primitive ultrapotassic volcanic rocks. The Sailipu volcanic rocks exhibit high MgO (5.6−11.4 wt%), Cr (386−981 ppm), Co (22−43 ppm), and Ni (95−423 ppm) concentrations and have highly fractionated rare earth elements [REEs; (La/Yb)N = 23−73] and high-Fo (89.1−90.8) olivine phenocrysts containing elevated NiO (up to 0.59 wt%), which suggests a pyroxenitic mantle source that partially melted in the garnet stability field. Their high K2O contents (4.8−8.0 wt%) and global subduction sediment-like trace element patterns suggest that the metasomatic agents, which reacted with mantle peridotites to form phlogopite-bearing pyroxenites, were dominantly derived from the melting of subducted continental sediments. Their high whole-rock Ba/La and Th/Nd ratios are consistent with this hypothesis. The Sailipu ultrapotassic volcanic rocks also exhibit low initial 176Hf/177Hf ratios that resemble those of Himalayan leucogranites, and high Ca contents in olivine phenocrysts, which is consistent with contributions from the subducted carbonate-rich sedimentary strata on top of the thinned Greater Indian continental crust. The zircon U-Pb chronological data yielded concordant ages of 24.33 ± 0.19 Ma, 21.20 ± 0.62 Ma, and 17.05 ± 0.31 Ma for different exposures of the Sailipu volcanic rocks, which establishes a maximum age of ca. 24 Ma for these rocks. The northwest−southeast spatial distribution and the southeastward decrease in age (80°E−90°E) suggest west-to-east tearing of the thinned Greater Indian slab, which caused asthenospheric upwelling and melting of the Tibetan lithospheric mantle. Geothermometric calculations show relatively high primary magma temperatures (∼1250 °C) that are consistent with asthenospheric upwelling. We propose a mechanism that could genetically link the coeval Cu-Au ore-forming granitoids with the ultrapotassic magmatism of the Gangdese belt. The ultrapotassic rocks supply a large-volume of external magmatic volatiles, particularly H2O, which could trigger melting of the Tibetan lower crust and lead to the generation of the ore-forming granitoids and the establishment of oxidizing conditions for porphyry deposits. The oxygen fugacity (log ƒO2 values of ΔFMQ) of the primitive Sailipu ultrapotassic volcanic rocks (ΔFMQ = 0.48 ± 0.51 based on the Dol/melt V oxybarometer and ΔFMQ = 0.33 ± 1.19 according to the magmatic zircon U-Ce-Ti oxybarometer) is slightly lower than that of porphyry Cu-Au ore-forming granitoids in the eastern Gangdese (ΔFMQ = +0.8 to +2.9), which suggests that the direct injection of ultrapotassic melts into ore-forming granitoids played a limited role in changing oxygen fugacity, but more oxidized fluids/volatiles exsolved from these ultrapotassic melts may have facilitated the remelting of sulfide-bearing lower crust and/or directly scavenged sulfides from the mush-state reservoirs of the ore-forming granitoids in the middle−upper crust.