Abstract Trace element concentrations, particularly rare earth elements and yttrium (REY) in feldspars and accessory minerals, have been determined in a suite of albitized igneous, metasedimentary and metasomatite rocks from the Moonta-Wallaroo district, Olympic Cu–Au Province, South Australia. Results show that changes in REY-fractionation trends and concentrations in feldspars and common accessories are associated with key textures in albite-bearing associations from different lithologies. In granitic rocks, pseudomorphic replacement of pre-existing feldspars is typified by porous albite with cleavage-oriented intergrowths of sericite and pore-attached hematite. These observations are comparable with albitization features of granitic terranes elsewhere. A mineral association (albite-sericite ± chlorite), similar to that from granitoids, is observed as pervasive spots in limestone, inferring prograde skarnoid reactions at low fluid/rock ratio in an impure carbonate. In metasedimentary and metasomatite rocks with comparable Na2O content (~ 5–6 wt.%), fine-grained granoblastic albite suggests growth under high fluid/rock ratios irrespective of lithology. In such cases, albite with the highest REY content (ΣREY ~ 200 ppm) accounts for the entire REY budget, e.g., in albite–biotite-schist with the lowest abundance of accessory minerals. Nanoscale investigation confirms this albite to be a REY carrier (elements incorporated within the crystal lattice); no pore-attached inclusions are observed. In contrast, albite with the lowest REY-concentration (~ 14 ppm) is encountered in the metasomatite. In such rocks, recording the highest ΣREY (~ 1000 ppm) in whole-rock, partitioning of REY is favoured among the abundant accessories (titanite, apatite) and calc-silicates (actinolite, clinozoisite) rather than albite. Comparable low-REY albite is also found in granitoid-derived albitite (Na2O ~ 5 wt.%), in which abundant accessories and discrete REY-minerals formed during albitization account for the high ΣREY content (~ 700 ppm) in whole rock. The role of coupled dissolution–reprecipitation reactions (CDRR) is critical for REY (re)distribution within albitized igneous rocks, where REY-release from early magmatic accessories and/or feldspars assists REY-enrichment into late albite. The presence of abundant nanopore-attached inclusions in plagioclase demonstrates the nanoscale nature of CDRR-driven albitization in granitoids, consistent with published experimental work on altered granites. Such porosity offers sites for REY entrapment seen within discrete REY-minerals in new-formed K-feldspar. Similarly, release and uptake of REY, concurrent with albitization, is seen in formation of coarser REY-minerals (xenotime, bastnasite, synchysite) during CDRR-driven replacement of accessory Fe–Ti-oxides by symplectites of chlorite and hematite. Based on the differences identified between the albitization pathways in igneous and metasedimentary rocks, we discuss how albitization proceeds via a series of complex fluid–mineral reactions, each involving the redistribution, accumulation and retention of REY. These reactions are critical for defining the endowment and deportment of REY in rocks that have undergone sodic alteration. Contrary to previous models, albitization appears controlled by pH rather than redox conditions. Despite regional differences in local geological environment and alteration style across the Olympic Cu–Au Province, albitization, the initiation of hydrothermal alteration, is a pre-requisite stage for REY-enrichment in Iron-Oxide–Copper–Gold (IOCG) systems. REY distribution patterns in feldspars may thus have value in mineral exploration as criteria enabling alteration associated with mineralization to be distinguished from the regional background. Strong albitization without superposition of later potassic alteration may not, however, be automatically linked to the formation of giant IOCG deposits. Albitization enhances rock permeability and in a strongly faulted structural environment without a suitable trap, hydrothermal fluids may be more readily lost from the system.