We present new structural, petrographic, geochemical and geochronological data for the late Paleozoic–early Mesozoic granites and associated igneous rocks of the Taimyr Peninsula. It is demonstrated that large volumes of granites were formed due to the oblique collision of the Kara microcontinent and the Siberian paleocontinent. Based on U-Th-Pb isotope data for zircons, we identify syncollisional (315–282 Ma) and postcollisional (264–248 Ma) varieties, which differ not only in age but also in petrochemical and geochemical features. It is also shown that as the postcollisional magmatism was coming to an end, Siberian plume magmatism manifested in the Kara orogen and was represented by basalts and dolerites of the trap formation (251–249 Ma), but also by differentiated and individual intrusions of monzonites, quartz monzonites and syenites (Early–Middle Triassic) with a mixed crustal-mantle source. We present a geodynamic model for the formation of the Kara orogen and discuss the relationship between collisional and trap magmatism.