The Ogasawara Islands mainly comprise Eocene volcanic strata formed when the Izu–Ogasawara–Mariana Arc began. We present the first detailed volcanic geology, petrography and geochemistry of the Mukojima Island Group, northernmost of the Ogasawara Islands, and show that the volcanic stratigraphy consists of arc tholeiitic rocks, ultra‐depleted boninite‐series rocks, and less‐depleted boninitic andesites, which are correlatable to the Maruberiwan, Asahiyama and Mikazukiyama Formations on the Chichijima Island Group to the south. On Chichijima, a short hiatus is identified between the Maruberiwan (boninite, bronzite andesite, and dacite) and Asahiyama Formation (quartz dacite and rhyolite). In contrast, these lithologies are interbedded on Nakodojima of the Mukojima Island Group. The stratigraphically lower portion of Mukojima is mainly composed of pillow lava, which is overlain by reworked volcaniclastic rocks in the middle, whereas the upper portion is dominated by pyroclastic rocks. This suggests that volcanic activity now preserved in the Mukojima Island Group records growth of one or more volcanoes, beginning with quiet extrusion of lava under relatively deep water followed by volcaniclastic deposition. These then changed into moderately explosive eruptions that took place in shallow water or above sea level. This is consistent with the uplift of the entire Ogasawara Ridge during the Eocene. Boninites from the Mukojima Island Group are divided into three types on the basis of geochemistry. Type 1 boninites have high SiO2 (>57.0 wt.%) and Zr/Ti (>0.022) and are the most abundant type in both Mukojima and Chichijima Island Groups. Type 2 boninites have low SiO2 (<57.1 wt.%) and Zr/Ti (<0.014). Type 3 boninites have 57.6–60.7 wt.% SiO2 and are characterized by high CaO/Al2O3 (0.9–1.1). Both type 2 and 3 boninites are common on Mukojima but are rare in the Chichijima Island Group.