Serpentinised mantle-derived rocks form notably during the alteration of oceanic lithosphere in slow and ultra-slow spreading ridges and in oceanic subduction zones. Different kinds of serpentine polymorphs form, depending on pressure–temperature conditions and the nature of fluid involved in serpentinisation. The serpentinised ultramafic rocks from the southern part of the Holenarsipur Greenstone Belt (HGB), Western Dharwar Craton provide vital constraints to understand the alteration of the mantle-derived rocks. On the basis of textural characteristics, they are classified into three types, namely serpentinites (i) without pseudomorphic mesh textures, (ii) with pseudomorphic mesh textures and (iii) with well-developed magnetite veins. The mineralogical and spectral studies identified three serpentine polymorphs, namely lizardite, antigorite and chrysotile. The relative chronology of serpentine polymorphs is identified as lizardite → antigorite → chrysotile. The multi-stage serpentinisation of ultramafic rocks from the HGB is confined to the alteration of oceanic lithosphere in a divergent margin. The first stage of serpentinisation (S1) has occurred in an oceanic lithosphere, where low-grade lizardite forms a pseudomorphic mesh texture. The minimum temperature during the first stage for the stable assemblage of lizardite is assumed to be at least 200°C. The second stage of serpentinisation (S2) is characterised by antigorite, suggesting a complete recrystallisation of lizardite indicating progressive serpentinisation. The maximum temperature of the second stage is assumed to be around 600°C. The third stage of serpentinisation (S3) is characterised by the development of low-grade chrysotile as cross-cutting veins.