Long Valley caldera, a 17- by 32-km elliptical depression on the east front of the Sierra Nevada, formed 0.7 m.y. ago during eruption of the Bishop tuff. Subsequent intracaldera, volcanism included eruption of (1) aphyric rhyolite0.68--0.64 m.y. ago during resurgent doming of the caldera floor, (2) porphyritic hornblende-biotite rhyolite from centers peripheral to the resurgent dome at 0.5, 0.3, and 0.1 m.y. ago, and (3) porphyritic hornblende-biotite rhyodacite from outer ring fractures 0.2 m.y. ago to 50,000 yr ago, a sequence that apparently records progressive crystallization of a subjacent chemically zoned magma chamber. Holocene rhyolite and phreatic eruptions suggest that residual magma was present in the chamber as recently as 450 yr ago. Intracaldera hydrothermal activity began at least 0.3 m.y. ago and was widespread in the caldera moat; it has since declined due to self-sealing of near-surface caldera sediments by zeolitization, argillization, and silicification and has become localized on recently reactivated northwest-trending Sierra Nevada frontal faults that tap hot water at depth.