LA‐ICP‐MS analysis of molybdenite from the Sar Cheshmeh porphyry Cu‐Mo deposit (PCD), Iran, shows moderate concentration of Re (average ∼207 ppm) and low concentration of chalcogenides (average of Pb + Te + Bi, ∼31 ppm) as well as metalloids (average of As + Sb + Ge, ∼4.5 ppm). The early‐formed quartz–molybdenites associated with potassic alteration are characterized by moderately low concentration of Re (21–215 ppm with an average of 83 ppm), whereas the transitional quartz–molybdenite veins related to the sericitic stage of mineralization contain more Re (62–465 ppm, with an average of 207 ppm). In contrast, the late‐formed quartz–molybdenite veins associated with phyllic alteration show the highest concentration of Re (up to 1273 ppm with an average of 395 ppm). Gradual increase in Re content of molybdenites deposited throughout the evolution of the porphyry system is probably related to elevated ƒO2 and acidic conditions of the ore fluids governing the transitional and late stage of mineralization, when compared to the moderately low ƒO2 and basic conditions of the ore fluids precipitating the low‐Re molybdenites associated with potassic alteration. The mixed mantle/crustal source of the ore‐related magma and its fractionated composition in Sar Cheshmeh are consistent with magmatic conditions for the formation of Mo‐rich and Re‐poor PCDs in the world.