This paper is dedicated to the isotope-geochemical study of zircon from riebeckite granites of the Verkhnee Espe rare earth-rare metal deposit and the specification of its U–Pb age. Zircon from the Verkhnee Espe massif is peculiar in the high content of non-formula elements (up to 43000 ppm REE, up to 22000 Y, and others) and demonstrates a clearly expressed heterogeneous structure. The central and rim zones of the zircon show a “magmatic” rare-earth element (REE) distribution. The intermediate zones are characterized by a flattening of the REE patterns and an anomalous enrichment in REE, Y, Nb, and Ca. This compositional feature of the zircon may be caused by impact of fluid-saturated granite melts enriched in incompatible trace elements. The δ18О values in the zircon are 5.83–7.16‰, which generally corresponds to zircon formed from granitoid melts. The age of zircon from the Verkhnee Espe rare earth–rare metal deposit is 283 ± 3 Ma, which indicates that there is no significant age gap between granite crystallization, on the one hand, and metasomatic processes and ore generation, on the other.