A detailed textural and chemical study of a section through the 121 Ma Ossipee ring dyke in New Hampshire provides a comprehensive record of magmatic and volcanic events during caldera formation. Phenocryst-rich quartz syenite is the main rock type; syenite, rhyolite, and basalt form small mingled dykes, xenoliths, and magmatic enclaves. Enclaves of fine-grained syenite have positive Eu anomalies, are more mafic, and are depleted in crystals relative to host quartz syenite. Anorthoclase phenocrysts in enclaves have compositions similar to the bulk enclave; high CaO contents in the crystals indicate magmatic temperatures up to 1050 °C. Rhyolite in the ring dyke is texturally and chemically equivalent to ignimbrite inside the caldera. Basalt occurs both as xenoliths and megabreccias from earlier volcanoes and as dykes that mixed and mingled with rhyolitic dykes during eruption. We suggest the following sequence of events: (1) Convection, crystal settling, and filtration of melt away from solidification fronts formed a zoned magma chamber containing voluminous rhyolite overlying crystal-rich quartz syenite and cumulate syenite. (2) Basalt partially melted the anorthoclase syenite cumulate at the base of the chamber to form a hot mobile syenitic liquid, now represented by enclaves in the ring dyke. (3) Continued intrusion of basalt replenished and rejuvenated the Ossipee chamber, driving large eruptions of rhyolitic ignimbrite that ponded in the caldera as the chamber roof collapsed. (4) Caldera collapse stirred the chamber, mingling and mixing rhyolitic, quartz syenitic, and syenitic magma. Vortices around subsiding blocks during caldera collapse caused the mixing and mingling. (5) Quartz syenite, rhyolite, and small volumes of basalt magma were intruded simultaneously into the ring dyke, causing the basalt and rhyolite to mingle explosively. The rejuvenation of the magma chamber and subsequent subsidence of the caldera produced a mixed and mingled crystal mush now preserved in the ring dyke. The ring dyke represents residual magma from a caldera-forming eruption.