A detailed isotopic geochemical study (secondary ions mass-spectrometry – SIMS, time-of-flight mass-spectrometry – TOF) of zircon from ore-bearing syenites of the Yastrebetskoe rare metal-rare earth deposit (the Ukrainian Shield) has yielded proofs of magmatic genesis of the deposit: unaltered central parts of zircon grains typically feature characteristic magmatic spectra of REE distribution, their values of δ 18 O staying somewhat higher than the mantle value (6.5 ‰, on the average). During the final stage of forming the deposit the role of fluorine-water-bearing fluids enriched with Y, REE, Nb, Ве and heavy oxygen had increased, as directly reflected in the anomalous isotopic-geochemical characteristics of zircon rims and zones of zircon alteration (the contents of Y reaches 61874 ppm, that of Nb – 7976 ppm, Be – 1350 ppm, δ 18 O reaches 12.42‰, F – 0.7 % mass, H 2 O – 4% mass).