The Raobazhai ultramafic body of the North Dabie Complex is re‐interpreted as a mantle‐derived peridotitic slice enclosed in, and isofacially metamorphosed with, surrounding granulite‐to‐amphibolite facies gneisses. The ultramafic sheet consists mainly of metaharzburgite, but includes subunits of metadunite and mylonitic lherzolite. The rocks contain spinel but neither garnet nor plagioclase. However, in the mylonitic lherzolite, fine‐grained intergrowths of spinel, orthopyroxene and clinopyroxene outline domains resembling the habit of garnet in two dimensions; broad‐beam microprobe analyses imply pseudomorphs after a pyropic garnet precursor. The mineral assemblage of the metadunite and metaharzburgite is: olivine (Fo92)+orthopyroxene (En92)+tremolitic‐to‐magnesiohornblende+Mg–Al‐chromite, indicating amphibolite facies recrystallization. The mineral assemblage of the mylonitic lherzolite is: olivine (Fo90)+orthopyroxene (En90)+clinopyroxene+Cr‐bearing spinel+pargasitic amphibole, indicative of granulite‐to‐amphibolite facies metamorphism. Phase equilibria and geothermometric estimations show that the Raobazhai meta‐ultramafics have undergone at least three stages of recrystallization: (I) 950–990 °C, (II) 750–860 °C, and (III) 670–720 °C, assuming equilibrium in the spinel peridotite stability field (c. 6–15 kbar), although an early, high‐pressure stage (≥18 kbar) is probable, based on the inferred garnet pseudomorphs. Petrochemical and geothermobarometric data suggest that the ultramafic slice represents a fragment of the mantle wedge, tectonically incorporated into subducted continental crust and re‐equilibrated at granulite‐to‐amphibolite facies conditions while being exhumed to shallow levels.