The NW Iberian Allochthon and the Tepla-Barrandian and Moldanubian zones represent the internal parts of the Variscan belt in their respective domains. A correlation based on the lithological association, protolith ages, metamorphic evolution, detrital zircon age spectra and tectonic setting is attempted between the NW Iberian Massif and SE Bohemian Massif in order to check whether they could have formed part of the same allochthonous stack. The Galicia-Tras-os-Montes Zone of the Iberian Massif and the internal zones of the Bohemian Massif include from bottom to top a Parautochthon and Lower Allochthon representing the outer edge of the northern Gondwana margin, an oceanic Middle Allochthon with Cambro-Ordovician and Early Devonian ophiolites and an Upper Allochthon interpreted as a peri-Gondwanan terrane. Early Variscan, subduction-related high-pressure metamorphism characterizes many of the allochthonous units, with ages younging from the structurally upper to the lower units from 400–385 Ma to 370–360 Ma, respectively. High- and ultrahigh-pressure metamorphism occurred also in the Saxothuringian Autochthon at 360–340 Ma, but not in the NW Iberian Autochthon. The different behavior of the Autochthon in the Iberian and Bohemian massifs accounts for their distinct evolutions from 360 Ma onward. We conclude that the Upper Allochthon was a unique peri-Gondwanan terrane, whereas the Middle Allochthon represents units of the same peri-Gondwanan ocean, opened at the Cambro-Ordovician boundary, and having recorded localized renewed activity in the Silurian–Early Devonian. No other oceans separated the Lower Allochthon, Parautochthon and Autochthon.