The Dahongshan iron deposit is hosted in the Paleoproterozoic submarine metavolcanic rocks of the Dahongshan Group in the Yangtze Block, South China. LA-ICP-MS dating of hydrothermal zircon grains from the genetically associated albitite and dolomite albitite show ca. 2008Ma ages that are consistent with the zircon ages from the host metavolcanic rocks (ca. 2012Ma), and postdated the post-ore diabase dike (ca. 1724Ma), marking the Dahongshan iron deposit as the oldest submarine volcanic-hosted deposit so far as known. The ore-hosting metavolcanic rocks in the Dahongshan deposit have low Ni (9.1–77.4ppm), Cr (1.0–63.0ppm) and Co contents (5.6–62.9ppm), suggesting the fractionation of olivine, clinopyroxene and plagioclase within the magma chamber. The major and trace element features of the alkaline to tholeiitic metavolcanic rocks are consistent with high-degree partial melting of the mantle wedge metasomatized by melts enriched in high field strength elements (HFSEs), which were derived from the subducted slab in volcanic arc setting. Based on an evaluation of the morphology of orebody, ore fabrics, petrology and melt-fluid inclusions, as well as the geochemical characteristics of the major ore mineral (magnetite), we correlate the iron mineralization in the Dahongshan deposit with hydrothermal process induced by the high-temperature, high-salinity and Fe-rich brines derived through magmatic exsolution. The similar characteristic of Ce and Eu anomalies of the Dahongshan iron deposit and banded iron formations (BIFs) suggest that the Dahongshan deposit was formed in reducing environment, although the two types of iron ores were generated through distinct processes with hydrothermal processes dominating for the submarine volcanic-hosted iron deposits whereas the BIFs were formed through chemical precipitation.