Active serpentinite mud volcanoes in the forearc region of the Izu‐Bonin‐Mariana system represent an excellent natural laboratory for studying the geochemical processes along convergent plate margins and the associated forearc. During IODP Expedition 366, serpentinite mud with lithic clasts from the underlying forearc crust and mantle as well as from the subducting Pacific Plate was recovered. Ultramafic clasts from Fantangisña Seamount reveal very high degrees of serpentinization with mesh and bastite textures as well as development of late lizardite and chrysotile veins, which suggests serpentinization temperatures below 200°C. On the other hand, recovered harzburgites and, on occasion, dunites from Asùt Tesoru Seamount show a well‐preserved primary assemblage with low degrees of serpentinization and forearc peridotite characteristics. Fine‐grained antigorite associating with lizardite has been identified throughout the serpentine mud matrix, suggesting an alteration temperature of c. 340°C. Furthermore, alteration conditions during rodingitization point to temperatures of at least 228°C, estimated via chlorite geothermometry. Additionally, a rare ophicarbonate clast containing andraditic as well as Cr‐rich hydrogarnets from Asút Tesoru Seamount indicates crystallization temperatures of at least 230°C. Hence, a trend of lower temperature of serpentinization and higher degree of alteration closer to the trench. The detailed characterization of the fluid‐rock alteration conditions as well as fluids composition and transport permits a better constraining of the fluid–rock interactions and related mass transfers within subduction zones and during ascent of serpentinite fault gouge within mud volcano conduits and in mudflows after their emplacement on the flanks of the edifices.