Thermal analysis of helium release from ilmenite of alkaline granites (Ponoy Massif, Kola Peninsula) and extraction of gases by crushing, melting and vacuum stepwise heating of sample revealed that this mineral contains noble gases in several different residence sites (rs). Radiogenic 40Ar* and He are released within the temperature range of 400–600°C. However, in spite of the similar extraction temperatures, these gases occupy different rs: trapped excess 40Ar* is localized in relatively large inclusions (> 10 μm) and was almost completely released during crushing (more than 80%, first rs), whereas He is localized in “healed” α-tracks and was released during sample heating (second rs). The third rs is almost completely occupied by radiogenic He released at temperature around 1100°C; this temperature fraction has 4He/40Ar* = 830, whereas this ratio in whole sample is 10. Helium with the highest 3He/4He = 1.1 × 10−6, indicating a contribution of mantle helium, is released from the fourth rs. Observed distribution of helium and argon isotopes in ilmenite is consistent with geological data on the evolution of the Ponoy Massif. Quartz-feldspathic vein, from which ilmenite was collected, was formed by crystallization of residual alkali granitic melts; the melts contained mantle He, which finally was incorporated in primary inclusions (fourth rs). After formation, the massif rocks accumulated radiogenic 40Ar*, but lost more mobile radiogenic He. During Paleoproterozoic metamorphism of the Ponoy Massif, radiogenic 40Ar* was released from K-bearing minerals of granites and impregnated “potassium-poor” ilmenite (first rs). Then, trapped 40Ar* was preserved in mineral inclusions, while helium produced “in situ” during radioactive decay of U and Th mainly migrated from the mineral. At present, ilmenite is characterized by significant excess 40Ar*, and, simultaneously, by 4He deficit (second and third rs). Neither K-Ar, nor U-Th-He isotope systems of the mineral can be used for dating.