Despite the hazard posed by explosive silicic eruptions, the magma storage conditions and dynamics that precede these events remain controversial. The Laguna del Maule volcanic field, central Chile, is an exceptional example of postglacial (younger than ca. 20,000 years) rhyolite volcanism and sustained unrest driven by a large, shallow, active silicic magma system. New zircon petrochronologic data reveal that compositionally distinct domains developed concurrently within the Laguna del Maule magma reservoir, which produced two episodes of concentrated rhyolitic eruptions at 23–19 and 8–2 ka. Zircon crystallization ages record 160 kyr of magma emplacement resulting in a several hundreds of cubic kilometers reservoir that has been imaged geophysically. The average magma emplacement rate inferred from the zircon geochronology and tomographically defined magma volume is consistent with those required by thermal models to maintain a shallow silicic system. Ti‐in‐zircon temperatures of crystal cores and rims and hiatuses in crystal growth indicates most of this volume persisted in a near‐solidus state. However, consistent patterns of trace element zoning in crystal interiors and crystallization rates derived from a model of diffusion‐limited zircon growth suggest the erupted rhyolite magma batches originated from long‐lived hot zones of extractable mush embedded within the larger, cool reservoir of rigid mush. These contrasting, coeval magma storage conditions obviate a simple hot versus cold storage dichotomy for large silicic magma systems.