In this paper, we present the first detailed study on the chromitites and platinum-group element mineralization (PGM) of the Ulan-Sar’dag ophiolite (USO), located in the Central Asian Fold Belt (East Sayan). Three groups of chrome spinels, differing in their chemical features and physical–chemical parameters, under equilibrium conditions of the mantle mineral association, have been distinguished. The temperature and log oxygen fugacity values are, for the chrome spinels I, from 820 to 920 °С and from (−0.7) to (−1.5); for chrome spinels II, 891 to 1003 °C and (−1.1) to (−4.4); and for chrome spinels III, 738 to 846 °C and (−1.1) to (−4.4), respectively. Chrome spinels I were formed through the interaction of peridotites with mid-ocean ridge basalt (MORB)-type melts, and chrome spinels II were formed through the interaction of peridotites with boninite melts. Chrome spinels III were probably formed through the interaction of andesitic melts with rocks of an overlying mantle wedge. Chromitites demonstrate the fractionated form of the distribution of the platinum-group elements (PGE), which indicates a high degree of partial melting at 20–24% of the mantle source. Two assemblages of PGM have been distinguished: The primary PGE assemblage of Os-Ir-Ru alloys-I, (Os,Ru)S2, and IrAsS, and the secondary PGM assemblage of Os-Ir-Ru allоys-II, Os0, Ru0, RuS2, OsS2, IrAsS, RhNiAs with Ni, Fe, and Cu sulfides. The formation of the secondary phases of PGE occurred upon exposure to a reduced fluid, with a temperature range of 300–700 °C, log sulfur fugacity of (−20), and pressure of 0.5 kbar. We have proposed a scheme for the sequence of the formation and transformation of the PGMs at various stages of the evolution of the Ulan-Sar’dag ophiolite.