The 11.6 to 9.5 Ma Serifos pluton intruded schists and marbles of the Cycladic Blueschist unit, causing thermal metamorphism, the development of magnetite Ca-exo- and endo-skarns and the formation of low-temperature vein and carbonate-replacement ores. Potentially, the most important ores occur in the Moutoulas prospect where the mineralization in retrograde skarn and quartz veins culminated with the deposition of native bismuth. A combination of fluid inclusion microthermometry and isotope geothermometry suggests that the Moutoulas mineralization formed at a hydrostatic pressure of ~100 bars, from moderate-to-low temperature (~190–250 °C), and low-salinity (1.3–5.6 wt% NaCl equivalent) fluids. The calculated δ34SH2S compositions are consistent with the ore fluids having been derived from the Serifos pluton. Bismuth mineralization is interpreted to have occurred as a result of wall-rock interaction and mixing of a Bi-bearing ore fluid with meteoric waters. Native bismuth and bismuthinite deposited at ~200 °C, near neutral pH (6.5), low fS2 (< –16.5), and low fO2 (< –44). Supergene alteration in Serifos led to the oxidation of native bismuth to bismite and bismutite.