This paper discusses whole‐rock geochemistry, mineral chemistry, and platinum group element (PGE) systematics of depleted mantle rocks (harzburgite and dunite) from the northern part of Nagaland–Manipur Ophiolite (NMO), north‐east India, to comprehend their source features, fractionation behaviour of PGE during magmatic evolution, and its tectonic origin. The studied ultramafic rocks are characterized by a low concentration of CaO (0.57–0.71 wt%), Al2O3 (0.18–0.92 wt%) with ∑REE of 1.135–2.702 ppm and high concentrations of MgO (38.70–44.21 wt%), Cr (1,843–4,572 ppm), and Ni (894–4,138 ppm). They show U‐shaped REE patterns [LREE and HREE enrichment (La/Sm)N = 1.85–4.11, (Dy/Yb)N = 0.51–0.85]. Olivine ranges Fo 88.18 to Fo92.23, whereas Cpx and Opx range En44.84 to En47.89 and En86.37 to En93.37 respectively. The chrome spinel Cr# [Cr/(Cr + Al)] and Mg# [Mg/(Mg + Fe2+)] are 0.47–0.83 and 0.31–0.60, respectively, which indicates recrystallization from a boninitic magma in a Supra‐Subduction Zone setting. Conventional thermometry indicates the equilibration temperatures of the dunite sample yielded high temperatures of ~850°C, suggesting their formation due to later interaction with high‐temperature percolating melts. The PGE contents in harzburgite are low (125.6–142.8 ppb) as compared to the dunite (248–360 ppb). They have high PPGE/IPGE and negative Pt* (Pt/Pt* = 0.73) anomaly, which is characteristic of re‐entry of PPGE into the system via reaction with percolating basaltic melt in the mantle wedge. Significantly higher concentration of PPGEs than IPGEs in the samples, indicating recrystallization of PPGEs with early sulphide fractionation. The presence of significant Rh and Pd enhancements relative to Pt in all samples suggests that Pt was removed during PGE fractionation. This could be one of the reasons for both harzburgite and dunite's sulphide undersaturation. PGE distribution in NMO ultramafic rocks was therefore validated as being governed by sulphide saturation in parental magma and altered not only by partial melting but also by fractionation during their production in the Supra‐Subduction Zone environment.