Serpentinised ultramafic rocks are widely distributed in the Bangong–Nujiang suture zone (BNSZ) and show close relationship with the regional mineralisation. Here, we investigate the serpentinised ultramafic rocks from Angwu in the central segment of the BNSZ, where the primary minerals include olivine, clinopyroxene, chromite, lizardite, magnetite, and chlorite. Based on a comprehensive analysis of the results from petrography, back‐scattered electron images (BSE), and energy dispersive spectrographs (EDS), as well as electron probe microanalysis (EPMA), the alteration process of the ultramafic rocks, including serpentinisation, can be divided into three stages: 1, formation of relatively Fe‐rich serpentine (Mg#, 0.82), with no precipitation of magnetite; 2, formation of relatively Mg‐rich serpentine (Mg#, 0.93), with precipitation of magnetite in serpentine veins; and 3, alteration of serpentine into chlorite. We computed the reactions associated with alteration process for the above stages. In addition, thermodynamic modelling in multicomponent mineral equilibrium phase diagrams indicate that during the serpentinisation process, the desilication of pyroxene in caused the enhancement of SiO2 activity and restricted the transformation from olivine to magnetite. The reaction temperature for the serpentinisation of these rocks was relatively high, and within this temperature interval (100–300°C), lizardite was stable, and precipitation of magnetite was not favoured. We also evaluate the factors influencing magnetite precipitation during serpentinisation of ultramafic rocks including the composition of primitive rocks and the activity of SiO2 and temperature. Our study provides insights on the mechanism of magnetite mineralisation associated with the serpentinisation of ultramafic rocks.