Abstract: The paper reports the results of geological, geochemical, and isotope–geochronological studies of subvolcanic rhyolites of NW Gorny Altai and Rudny Altai, which belong to the large Hercynian volcanic systems: Altai-Minusa and Altai–Salair, respectively. U–Pb zircon dating revealed two age groups: ~410–405 and 390–381 Ma. The isotope–geochemical characteristics of the rhyolites demonstrate high εNd(Т) from +2.6 to 6.0 with relatively young model ages T(DM) = 851–966 Ma in Rudny Altai and older model ages, up to 1266 Ma, in NW Gorny Altai. The rhyolites show transitional geochemical signatures between within-plate and island-arc felsic magmas. The results obtained are consistent with two-stage evolution of volcanism and its migration from the continent to the ocean.