Index minerals in metamorphic rocks, such as coesite, glaucophane, or lawsonite, are of great importance to understand high-pressure (HP) to ultrahigh-pressure (UHP) metamorphism, the thermal gradient, and the geodynamics of subduction zones. Deerite is thought to be diagnostic for blueschist-facies metamorphism in cold subduction environments and a sensitive indicator of the oxygen fugacity (fO2) in Fe-rich rocks. However, little is known concerning its stability and compositional variation during subduction and exhumation cycles. In this study, we provide the first detailed investigation of deerite in eclogite-facies meta‑ironstones (deerite–garnet riebeckitite) from the Southwestern Tianshan (U)HP metamorphic belt. Petrological observation and textural evidence suggest that the meta‑ironstones –enclosing eclogite blocks– form part of an initially coherent volcano-sedimentary sequence that underwent a common tectono-metamorphic evolution, including HP metamorphism and subsequent exhumation. Two types of deerite, which display a different texture (inclusion vs. matrix) and composition (TiO2 content), occur in the deerite–garnet riebeckitite. Dee_1 and aegirine–augite appear exclusively as fine-grained inclusions in garnet, and together with garnet, riebeckite, quartz and magnetite form the peak metamorphic mineral assemblages at P–T conditions of ~510 °C and 2.6 GPa. Matrix deerite (Dee_2), on the other hand, mainly occurs as coarse-grained rods and acicular needle-like grains in quartz, and rarely as inclusions in riebeckite and garnet intimately in the riebeckitite, representing the blueschist-facies retrogression of the meta‑ironstones during exhumation. The garnet–clinopyroxene oxybarometer and thermodynamic calculations show that the fO2 of the deerite–garnet riebeckitite increases from ΔFMQ–0.64 at the peak eclogite-facies stage to ΔFMQ+1.5 at the blueschist-facies retrogression. This fO2 variation corresponds to the chemical variation of deerite, whereby the TiO2 content increases gradually from <0.1 wt% in the Dee_1 in garnet to about 5 wt% in the matrix Dee_2. Our study reveals the detailed metamorphic P–T–fO2 evolution of the prograde eclogite- and retrograde blueschist-facies deerite-bearing meta‑ironstones during subduction–exhumation processes. This study further emphasizes the potential of deerite to reveal the P–T–fO2 evolution of subduction-related high-pressure rocks.