The 1975–1984 Krafla Fires in northeast Iceland was the first plate-boundary rifting episode to be tracked using seismic and geodetic monitoring. Geophysical observations from this episode have inspired conceptual models of magma transport during plate spreading, but a lack of complementary petrologic insights has hindered a holistic understanding of the events. To address this knowledge gap, we studied the petrochemistry of all nine Krafla Fires basaltic eruptions. Our large dataset of new whole-rock, matrix glass and mineral analyses from samples collected during or shortly after each eruption reveal a clear compositional bimodality in the erupted magmas that persisted across the episode, with evolved quartz tholeiite (MgO = 5.7–6.4 wt.%) erupted inside Krafla caldera, and more primitive (usually olivine-normative) tholeiite (MgO = 6.4–8.7 wt%) erupted north of the caldera margin. Barometric calculations indicate tapping of these magmas from distinct reservoirs: a primitive lower-crustal reservoir at a most probable depth of ∼14–19 km, and a more evolved, shallower reservoir at a most probable depth of ∼7–9 km beneath the caldera. These reservoirs were tapped simultaneously in several of the nine eruptions, and in three events the two magma types mixed near the northern caldera margin. Varying levels of trace element depletion in the deep-sourced primitive melts reflect incomplete mixing of diverse mantle-derived melts at depth; the most enriched of these melts could be parental to evolved inside-caldera magma via fractional crystallization. Clinopyroxene rims on gabbroic nodules from primitive September 1984 lavas record lower crustal pressures, while diffusion models suggest that these rims grew up to within a few months before eruption. Ascent of the primitive magma from the lower crust thus occurred over timescales much shorter than eruptive repose periods, without prolonged stalling at shallow depths. These observations are inconsistent with the view that the eruptions were entirely fed by lateral magma outflow from the shallow reservoir. They instead require some decoupling of the flow paths of the two magma types: the primitive magma either bypassed the sub-caldera reservoir laterally or ascended vertically beneath the northern vents. The two reservoirs nonetheless shared a hydraulic connection and jointly responded to rifting. Comparison of the Krafla Fires with other rifting events and eruptions highlights the complexity and diversity of magma transport during plate boundary rifting events, which is not yet captured by a generalizable model. Integration of petrologic, geochemical and geophysical data is essential to provide a holistic view of future rifting events in Iceland and at other spreading centres.