Seafloor massive sulfides form in various marine hydrothermal settings, particularly within volcanic arcs, where magmatic fluids may contribute to the metal budget of the hydrothermal system. In this study, we focus on the Kolumbo volcano, a submarine volcanic edifice in the central Hellenic Volcanic Arc hosting an active hydrothermal system. Diffuse sulfate-sulfide chimneys form a Zn-Pb massive sulfide mineralization with elevated As, Ag, Au, Hg, Sb, and Tl contents. These elements have similar behavior during magmatic degassing and are common in arc-related hydrothermal systems. Trace-element data of igneous magnetite, combined with whole rock geochemistry and numerical modelling, highlights the behavior of chalcophile and siderophile elements during magmatic differentiation. We report that, despite early magmatic sulfide saturation, chalcophile element contents in the magma do not decrease until water saturation and degassing has occurred. The conservation of chalcophile elements in the magma during magmatic differentiation suggests that most of the magmatic sulfides do not fractionate. By contrast, upon degassing, As, Ag, Au, Cu, Hg, Sb, Sn, Pb, and Zn become depleted in the magma, likely partitioning into the volatile phase, either from the melt or during sulfide oxidation by volatiles. After degassing, the residual chalcophile elements in the melt are incorporated into magnetite. Trace-element data of magnetite enables identifying sulfide saturation during magmatic differentiation and discrimination between pre- and post-degassing magnetite. Our study highlights how magmatic degassing contributes to the metal budget in magmatic-hydrothermal systems that form seafloor massive sulfides and shows that igneous magnetite geochemistry is a powerful tool for tracking metal-mobilizing processes during magmatic differentiation.