The Dasuji ore deposit is a large-scale porphyry Mo deposit at the northern margin of the North China Craton, China. Four stages of hydrothermal veins were recognized in the deposit, from early to late: K-feldspar–quartz veins (stage 1), quartz–molybdenite veins (stage 2), quartz–carbonate–pyrite–galena–sphalerite veins and fluorite veins (stage 3), and carbonate–quartz ± fluorite veins (stage 4). The melt inclusions in the earliest K-feldspar–quartz veins retain information about the ore-forming magma. Melt inclusions in quartz were studied in detail to investigate the magmatic evolution. In chondrite- and primitive-mantle-normalized trace element diagrams, all the inclusions have negative Ba, Sr, and Eu, and positive Pb anomalies. The inclusions have uniform (La/Sm)_N ratios, and Sr concentrations decrease with decreasing Ba content, indicating the magma experienced significant fractionation, particularly of plagioclase and biotite. With increasing SiO₂, Mo concentrations gradually increased, whereas Cu concentrations first increased and then decreased, suggesting that magmatic evolution was beneficial for Mo, but not Cu, enrichment. This indicates that highly fractionated magmas are conducive to the formation of porphyry Mo ore deposits rather than Cu ore deposits. The high F contents in biotite (up to 4.03 wt%) and pervasive occurrence of fluorite are indicative of a high-F magmatic–hydrothermal system. The disappearance of magnetite means the decrease of oxygen fugacity during stage 2, which promotes molybdenite precipitation. The contents of trace elements in fluorite before the stage 4 changed little, indicating that the fluid system was closed prior to this stage. The highly fractionated granitic magmatic system with high oxygen fugacity and high fluorine content potentially contain new porphyry Mo deposit.