The Siberian Large Igneous Province (SLIP) is an enormous continental province comprising the extra-large PGE-Cu-Ni deposits. Its origin has been under discussion for several decades. There is a general agreement that it was formed due to plume activity or delamination of the Earth's crust, but these theories do not take into account the complexity of the geological structures and compositions of igneous rocks within the SLIP. In this study, we conducted a detailed analysis of the geological and geochemical characteristics of volcanic rocks within the Siberian Large Igneous Province, focusing on their magmatic evolution through time and space at the P–T boundary. Our research revealed that there are two distinct types of rocks within this region: “platform” (or traps per se, flood basalts) and “rift basalts”. The former covers vast areas of the ancient Siberian craton and has a consistent thickness and a tholeiitic composition (6–7 wt% MgO and 0.8–1.6 wt% TiO2, εNd = 0.14–1.90). The second type of magmatism forms small, rapidly pinching flows within the Yenisey-Khatanga trough (YKT) and its feathered structures including the Norilsk-Igarka paleorift with associated PGE-Cu-Ni deposits. These rocks range in composition from picrites to trachyandesites (3–33 wt% MgO, 1.3–6 wt% TiO2, εNd = −11.0 to +6.6). Earlier, it was suggested that the rift magmatism occurred prior to the trap magmatism. However, based on the combination of geochemically distinct rocks in the same sections, we have discovered that they operated simultaneously. The magmatic activity started in the western part of the YKT from rift subalkaline basalts (the Ivakinsky, Norilsk area, and Syradasaysky, South Taimyr, formations). The first platform basalts appeared at the Tunguska syneclise (the Tuklonsky Formation), occurring simultaneously with the Khakanchansky and Nadezhdinsy rift basalts. The main impulse of the trap magmatism includes the Morongovsky-Samoedsky formations in the Norilsk area, as well as the Nidymsky and Kochechumsky formations within the Tunguska syneclise, and the Betlingsky Formation in Taimyr. Later, rift basalts erupted synchronously along the boundaries of the YKT (including the Ayansky picrites, and rocks of the Fadyukundinsky, Arydzhangsky, and Maymechinsky formations) demonstrating the evolution of the rift from the west to the east. The fundamental difference between these types of rocks plays a crucial role in both the formation of the SLIP and the origin of the sulfide deposits. Therefore, a new and adequate model should take into account the characteristics of the volcanic rocks and their distribution within the province.