The volcanic rock system of the Miaoling Formation contains the main ore-bearing rocks of two volcanogenic massive sulfide (VMS)-type deposits in the Yanbian area of NE China. Investigation of the VRSMF is needed to better understand the formation of these VMS-type deposits and the tectonic evolution of the Yanbian area. To determine the petrogenesis, material sources, and formation age of the VRSMF, and elucidate its late Paleozoic tectonic evolution and metallogenic significance, this paper presents new petrological, geochronological, geochemical, whole-rock Sr–Nd and in situ zircon Hf isotopic data for the VRSMF. The VRSMF is composed of marine carbonate, intermediate–felsic volcanic rocks (andesite–trachyandesite–dacite) and pyroclastic rocks. Laser-ablation–inductively coupled plasma–mass spectrometry zircon U–Pb dating gives an eruption age of ca. 265 Ma for the pyroclastic rocks in the VRSMF. These rocks are classified as low- to medium-K calc-alkaline series. They are characterized by enrichments in large-ion lithophile elements (e.g., K, Rb, and Ba) and light rare earth elements, and depletions in high field-strength elements (e.g., Nb, Ta, and Ti) and heavy rare earth elements, showing affinity to igneous rocks formed in arc-related tectonic settings. These features, together with homogeneous zircon εHf(t) values of 10.9–15.7 and depleted Sr–Nd isotopic compositions [εNd(t) values of 2.4–5.0], suggest that the parental magma was derived from the partial melting of depleted mantle that had been metasomatized by subduction-related fluids. These results, along with findings of regional geological investigations, suggest that the formation of the VRSMF was related to subduction of the Paleo-Asian oceanic plate during the middle Permian. The VMS-type mineralization in the Hongtaiping and Dongfengnanshan deposits is interpreted to have formed in a bimodal–felsic setting in a back-arc extensional tectonic environment.