Petrographic, mineralogic, and geochemical data are reported for lavas from two of the major shield volcanoes of the Santorini volcanic complex (Skaros and Micro Profitis Ilias), both of which were active prior to the well-known Minoan eruption with associated caldera collapse. Field work and whole-rock chemical analyses indicate four cycles of eruptive activity within the Skaros sequence and three within the Micro Profitis Ilias (M P1) sequence. SiO2 and LIL-element contents decrease from the base to the top of all cycles except for the uppermost cycle of Skaros. Chemical variations within cycles are interpreted to result from eruption from compositionally and thermally zoned magma chambers. Major oxide data and the results of least-squares, mass balance modeling indicate that fractional crystallization played an important role in the development of the observed chemical variations. However, observed systematic variations in groundmass compositions within each cycle, observed irregular variations in total phenocryst content and the results of density calculations require that generation of the chemical zonation did not involve crystal settling but reflects unstable density stratification, probably resulting from sidewall crystallization. Some of the primitive lavas erupted on Santorini preserve phenocryst and xenocryst evidence for a stage of high-pressure fractional crystallization (involving removal of olivine, clinopyroxene, orthopyroxene, and Cr-spinel). Trace element data combined with petrographic data (i.e. the occurrence of abundant phenocrysts with resorption textures) is taken as evidence that magma mixing was also important in the development of cyclic variations. Most basaltic andesites from Skaros appear to be hybrids derived by mixing of basalt and andesite/dacite. Mineralogic data demonstrate that mixing was also important in the development of zonation in the chambers beneath MPI, but trace element data cannot be explained by combined fractionation and mixing alone. Specifically, incompatible, and compatible element abundances are lower than predicted if fractionation and mixing occurred and it is suggested that the anomalous trace element behaviour of especially LIL elements reflects the simultaneous operation of assimilation, for which there is support from isotopic studies. It is concluded that inter- cyclic chemical variations are explicable in terms of fractionation, mixing and assimilation. The LIL element and highly compatible element concentrations in the most primitive lavas erupted in each cycle of Skaros and MPI increase with time, indicating that mixing became more important with time.