The Panzhihua, Hongge, and Baima Fe-Ti-V oxide deposits in the Panzhihua-Xichang (Panxi) region are hosted in large layered mafic-ultramafic intrusions. The layered intrusions intrude either the Neoproterozoic Dengying Formation, composed mainly of limestone, or the Paleoproterozoic Hekou Formation, composed of meta-sedimentary-volcanic rocks. It remains unclear if the wall rocks have been involved during the fractionation of magmas and have affected the sequence of crystallization of Fe-Ti oxide. Volatiles and their C-H-O isotopic compositions of magnetite, apatite, clinopyroxene, and plagioclase of different types of ores from the three intrusions are analyzed using a technique of stepwise heating mass spectrometer to evaluate the role of wall rocks in the formation of Fe-Ti oxide ores. Volatiles released from magnetite are composed mainly of H 2 O and CO 2 , whereas the other minerals are composed mainly of H 2 O, CO 2 and H 2 . At 800-1200°C temperature interval, the average 13 C values of CO 2 of all the minerals from the three intrusions range from 7.7‰ to 13.5‰ and the average 18 O CO 2 values from 19.1‰ to 19.5‰, which are scattered in a mixed field with basalt and the two types of wall rocks as end-members, indicating that CO 2 from the wall rocks may have been involved in the magmas from which the three intrusions formed. At 400-800C temperature interval, both 13 C values (13.7‰ to 17.9‰ on the average) and 18 O values (16.2‰ to 19.2‰ on the average) of CO 2 of all the minerals are lower than those for 800-1200C temperature interval, and much closer to the values of the wall rocks. Abundant H 2 O released at the 400-800C temperature interval has relatively low D values ranging from 90‰ to 115‰, also indicating the involvement of fluids from the wall rocks. The average bulk contents of volatiles released from magnetite of the Hongge, Baima, and Panzhihua intrusions are 4891, 2996, and 1568 mm 3 STP/g, respectively, much higher than those released from other minerals in total, which are 382, 600, and 379 mm 3 STP/g, respectively, indicating that magnetite crystallized from magmas with much more volatiles than other minerals. This can be interpreted as that crystallization of clinopyroxene and plagioclase in the early fractionation of magmas resulted in volatiles such as H 2 O that were eventually enriched in the residual magmas and, at the same time, fluids from the wall rocks may have been involved in the magmas and were trapped in magnetite, which crystallized later than clinopyroxene and plagioclase. Three giant Fe-Ti-V oxide deposits in the Panxi (Panzhihua-Xichang) region, SW China, are hosted in the Panzhihua, Hongge, and Baima layered mafic-ultramafic intrusions. These intrusions are unique in that large amounts of massive and semi-massive ores occur in the lower parts of the intrusions, whereas rhythmic layering composed of vari-