ABSTRACT The metasedimentary sequence of the Deep Freeze Range (northern Victoria Land, Antarctica) experienced high‐T/low‐F metamorphism during the Cambro‐Ordovician Ross orogeny. The reaction Bt + Sil + Qtz = Grt + Crd + Kfs + melt was responsible for the formation of migmatites. Peak conditions were c. 700–750° C, c. 3.5–5 kbar and xH2Oc. 0.5).Distribution of fluid inclusions is controlled by host rock type: (1) CO2‐H2O fluid inclusions occur only in graphite‐free leucosomes; (2) CO2–CH4± H2O fluid inclusions are the most common type in leucosomes, and in graphite‐bearing mesosomes and gneiss; and (3) CO2–N2–CH4 fluid inclusions are observed only in the gneiss, and subordinately in mesosomes.CO2–H2O mixtures (41% CO2, 58% H2O, 1% Nad mol.%) are interpreted as remnants of a synmig‐matization fluid; their composition and density are compatible P–T–aH2O conditions of migmatization (c. 750° C, c. 4 kbar, xH2Oc. 0.5). CO2‐H2O fluid in graphite‐free leucosomes cannot originate via partial melting of graphite‐bearing mesosomes in a closed system; this would have produced a mixed CO2–CH4 fluid in the leucosomes by a reaction such as Bt + Sil + Qtz + C ± H2O = Grt + Crd + Kfs + L + CO2+ CH4. We conclude that an externally derived oxidizing CO2‐H2O fluid was present in the middle crust and initiated anatexis.High‐density CO2‐rich fluid with traces of CH4 characterizes the retrograde evolution of these rocks at high temperatures and support isobaric cooling (P–T anticlockwise path). In unmigmatized gneiss, mixed CO2–N2–CH4 fluid yields isochores compatible with peak metamorphic conditions (c. 700–750° C, c. 4–4.5 kbar); they may represent a peak metamorphic fluid that pre‐dated the migmatization.