The paper presents the results of a study of the large Paleozoic ore-magmatic system in the northeastern Fennoscandian Shield comprising the Khibiny and Lovozero plutons, the Kurga intrusion, volcanic rocks, and numerous alkaline dike swarms. As follows from the results of deep drilling and 3D geophysical simulation, large bodies of rocks pertaining to the ultramafic alkaline complex occur at the lower level of the ore-magmatic system. Peridotite, pyroxenite, melilitolite, melteigite, and ijolite occupy more than 50 vol % of the volcanic-plutonic complex within the upper 15 km accessible to gravity exploration. The proposed model represents the ore-magmatic system as a conjugate network of mantle magmatic sources localized at different depth levels and periodically supplying the melts belonging to the two autonomous groups: (1) ultramafic alkaline rocks with carbonatites and (2) alkali syenites-peralkaline syenites, which were formed synchronously having a common system of outlet conduits. With allowance for the available isotopic datings and new geochronological evidence, the duration of complex formation beginning from supply of the first batches of melt into calderas and up to postmagmatic events, expressed in formation of late pegmatoids, was no less than 25 Ma.