The ~260 Ma Abulangdang ultramafic intrusion in the Panxi region, SW China, is part of the Emeishan large igneous province (ELIP). The intrusion is composed of dunite and lherzolite with minor olivine gabbro. Olivine crystals in the dunite have Fo values from 89.0 to 86.5 mol%. Chromite grains in both the dunite and lherzolite contain more than 0.5 wt.% TiO2 and show a trend of increasing Fe3+ with increasing Fe2+/(Mg + Fe2+). Rocks of the intrusion have γOs(t) values from +0.1 to +1.2 and εNd(t) values from −1.9 to +2.9, similar to the high-Ti picrites, high-Ti flood basalts and Fe–Ti oxide-bearing, gabbroic intrusions of the ELIP. Modeling indicates that the Abulangdang intrusion formed by accumulation of olivine and chromite from a high-Ti picritic magma, whereas the high-Ti flood basalts and Fe–Ti oxide-bearing, gabbroic intrusions formed from derivative, evolved magmas after the early fractionation of minerals from the high-Ti picritic magma. Both the dunite and lherzolite have relatively high PGE concentrations and primitive mantle-normalized chalcophile element patterns with positive Os and Ru anomalies, in contrast to PGE-poor high-Ti flood basalts with negative Os and Ru anomalies. This is consistent with the retention of Ru–Os–Ir trace phases with olivine and chromite in the formation of the Abulangdang intrusion. Using a clinopyroxene geobarometer, the crystallization pressure of the Abulangdang intrusion is calculated to be 7.1 to 8.3 kbar, equivalent to a depth of ~21 to 24 km, which is deeper than that estimated for the Fe–Ti oxide-bearing, gabbroic layered intrusions of the ELIP (~5 kbar). We propose that large volumes of mantle plume-derived high-Ti picritic magma underplating along the Moho boundary underwent early fractionation before eruption, and some high-Ti picritic magma ascended through a fossil conduit where the Abulangdang intrusion formed. Residual, evolved magmas either from the conduits or underplating magma chamber formed Fe–Ti oxide-bearing, gabbroic layered intrusions or high-Ti flood basalts. In this fashion, the Abulangdang intrusion resembles ultramafic portions that are missing in the Fe–Ti oxide-bearing, gabbroic intrusions of the ELIP.