This paper presents the results of a complex study (morphology of grains, internal texture in cathodoluminescence and backscattered electrons, microprobe analysis, Lu–Hf data) of five groups (generations) of zircon crystals differing in age and separated from the same granulite sample pertaining to the Bug River Complex of the Ukrainian Shield. The data show that the oldest zircon crystals of the first group (3.74 Ga in age) are xenogenic and initially crystallized from a granitic melt; zircon of the second group (3.66 Ga) formed from a mafic melt contaminated by felsic country rocks. The third group (3.59 Ga) is represented by zircons that formed about 100 Ma later than the second group under conditions of granulite-facies metamorphism and with the participation of fluid-saturated anatectic melt. Two Paleoproterozoic zircon groups (~2.5 and 2.1 Ga) also formed under granulite-facies conditions; to a certain extent, their structure and composition were controlled by fluid. The geochemistry of all zircon generations provides evidence for their crystallization in the continental crust, but from the sources differing in the contribution of mantle-derived material and in oxygen fugacity.