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The Tungnárhraun basalts in southern Iceland record a transcrustal magma system formed during Holocene deglaciation. These large-volume (>1 km³) Early through Mid-Holocene lavas contain ubiquitous plagioclase feldspar macrocrysts that are too primitive to have grown from the host lavas. Thermobarometry based on plagioclase melt and clinopyroxene melt equilibrium reveals a transcrustal structure with at least three distinct storage regions. A lower-crustal mush zone at ~14–30 km is fed by primitive, low ⁸⁷Sr/⁸⁶Sr magmas with diverse Ti/K and Al/Ti signatures. Plagioclase feldspar growth is controlled by an experimentally determined pseudoazeotrope where crystals develop inversely correlated An and Mg contents. The rapid ascent of magmas to mid-crustal levels (~8–9 km) allows the feldspar system to revert to conventional thermodynamic phase constraints. Continued plagioclase growth releases heat, causing olivine and pyroxene to be resorbed and giving the magmas their characteristic high CaO/Al₂O₃ values (~0.8–1.0) and Sc contents (~52 ppm in matrix material). Mid-Holocene MgO-rich lavas with abundant plagioclase feldspar macrocrysts erupted directly from this depth, but both older and younger magmas ascended to a shallow-crustal storage chamber (~5 km) where they crystallized olivine, clinopyroxene, and plagioclase feldspar and evolved to lower MgO contents. The Sr isotope differences between the plagioclase macrocrysts and their carrier melts suggest that the fractionation involves the minor assimilation of country rock. This model does not require the physical disruption of an established and long-lived gabbroic cumulate mush. The transcrustal structures documented here existed in south Iceland at least throughout the Holocene and likely influenced much of Icelandic magmatism. Full article