The Xifanping deposit is a distinct Cenozoic porphyry Cu (Au) deposit located in the Sanjing porphyry metallogenic belt 100–150 km east of the JinshajFiang fault in the western Yangtze craton. We present new zircon U–Pb–Lu–Hf isotopic studies and geochemical data of the ore-bearing quartz monzonite porphyry from the Xifanping deposit to determine their petrogenesis and geodynamic mechanisms. LA–ICP–MS zircon U–Pb dating yielded precise emplacement ages of 31.87 ± 0.41 Ma (MSWD = 0.86) and 32.24 ± 0.61 Ma (MSWD = 1.8) for quartz monzonite porphyry intrusions, and 254.9 ± 5.1 Ma (MSWD = 1.7) for inherited zircons of the monzonite porphyry. The ore-bearing monzonite porphyry is characterized by high-K calc–alkaline to shoshonite and peraluminous series, relatively enriched in light over heavy REEs, with no distinct Eu anomalies, as well as enrichment in LILEs and depletion of HFSEs, with adakitic affinities. The zircon Lu–Hf isotope data ranged from εHf(t) values of −2.94 to +3.68 (average −0.47) with crustal model (TDM2) ages ranging from 0.88 to 1.30 Ga, whereas the inherited zircons displayed positive εHf(t) values ranging from +1.83 to +7.98 (average +5.82), with crustal model (TDM2) ages ranging from 0.77 to 1.17 Ga. Results suggest that the Xifanping porphyry Cu (Au) deposit is related to two periods of magmatic activities. Early magmas were generated from the Paleo-Tethys oceanic subduction during the Late Permian. The subsequent porphyry magma was likely formed by the remelting of previously subduction-modified arc lithosphere, triggered by the continental collision between the Indian and Asian plates in the Cenozoic. The deep magmas and late hydrothermal fluids took advantage of the early magma transport channels along tectonically weak zones during the transition from an extrusive to an extensional–tensional tectonic environment. Early dikes from remelted and assimilated crust contributed to the two age ranges observed in the porphyry intrusions from the Xifanping deposit. The juvenile lower crust materials of the early magmatic arc were potential sources of the Cenozoic porphyry magmas, which has significant implications for mineral exploration and the geological understanding of porphyry Cu deposits in this region.