Crystal-melt segregation and magma mixing are key magmatic processes that generate compositional variabilities in igneous rocks. Distinguishing these processes can provide insight into the evolution of volcanic calderas and the driving force of plate subduction. Intensive episodic magmatism occurred in Southeast China during the Cretaceous, producing a series of volcanic-intrusive rocks during different magmatic stages in chain-like calderas. We conducted comprehensive petrological, geochemical, isotopic, and zircon trace element analyses on two representative calderas (Xiaoxiong and Shiniushan).The results show that the magmatism produced multistage volcanic and coexisting intrusive rocks regarding their crystallization ages (102–88 Ma) and NdHf isotopic compositions (zircon ɛHf(t) = −11.7 to −1.8, whole-rock εNd(t) = −8.3 to −2.4). The volcanic and intrusive rocks are related by fractional crystallization.In general, the erupted silicic rhyolitic rocks are characterized by distinctly negative Eu anomalies (δEu = 0.10–0.71) and depletions of Ba, Sr, P, and Ti, while the coexisting intrusive rocks show distinct or complementary geochemical signatures, such as neglectable Eu anomalies (δEu = 0.92–1.09) and positive Ba anomalies. Furthermore, the whole-rock samples from the calderas have variable δ41K values (from −0.14 ‰ to −0.59 ‰) that show strong correlations with indices of fractional crystallization such as Eu anomaly, Sr content, and K2O/Na2O ratios, indicating a key role of plagioclase during crystal-melt segregation. This is also supported by petrographic evidence for crystal accumulation such as the synneusis of plagioclase phenocrysts. Mafic microgranular enclaves in the volcanic-intrusive rocks indicate that magma recharge events occurred in the magma reservoir. Synthesizing these lines of evidence, we argue the multiple magmatism in plate subduction zone can be sustained by recharge events in the magma reservoir along with crystal-melt segregation processes. Particularly, the volcanic rocks tend to have isotopically lighter K than intrusive rocks, and strongly support that the volcanic rocks represent the extracted melt that is complementary to the cumulative intrusive rocks.