We present high‐precision measurements of iron (Fe) and magnesium (Mg) isotopic compositions of olivine, orthopyroxene, and chromite separates from harzburgites, dunites, and chromitites in the mantle section of the Luobusa ophiolite, southern Tibet, to investigate the origins of podiform chromitite. Two harzburgites in the Zedong ophiolite, southern Tibet, are also reported for comparison. The olivine and orthopyroxene in the Luobusa and Zedong harzburgites have similar Fe and Mg isotopic compositions, with δ56Fe values ranging from 0‰ to +0.083‰ in olivine, from −0.034‰ to +0.081‰ in orthopyroxene and δ26Mg values ranging from −0.25‰ to −0.20‰ in olivine, from −0.29‰ to −0.26‰ in orthopyroxene, respectively. The olivines of two dunites from the Luobusa display small Fe and Mg isotopic variations, with δ56Fe values of +0.014‰ and +0.116‰ and δ26Mg values of −0.21‰ and −0.29‰. All chromites in the Luobusa chromitites have lighter Fe isotopic compositions than the coexisting olivines, with δ56Fe values ranging from −0.247‰ to +0.043‰ in chromite and from −0.146‰ to +0.215‰ in olivine (Δ56FeChr‐Ol = −0.294 to −0.101‰). The chromite δ26Mg values span a significant range from −0.41‰ to +0.14‰. Large disequilibrium Fe and Mg isotope fractionation between chromite and olivine, as well as positive correlation of chromite δ56Fe values with their MgO contents, could be attributed to Fe‐Mg exchange between chromite and olivine. In the disseminated chromitites, the higher modal abundances of olivine than chromite would result in a more extensive Fe‐Mg exchange, whereas chromite in the massive chromitite where olivine is rare could not be affected by this process.