This paper presents major and trace element compositions of lavas from the entire 3098 m stratigraphic section sampled by phase-2 of the Hawaii Scientific Drilling Project. The upper 245 m are lavas from Mauna Loa volcano, and the lower 2853 m are lavas and volcanoclastic rocks from Mauna Kea volcano. These intervals are inferred to represent about 100 ka and 400 ka respectively of the eruptive history of the two volcanoes. The Mauna Loa tholeiites tend to be higher in SiO2 and lower in total iron, TiO2, alkalis, and incompatible elements at a given MgO content than Mauna Kea lavas. The transition from Mauna Loa to Mauna Kea lavas is all the more pronounced because the Mauna Loa tholeiites overlie a thin sequence of postshield Mauna Kea alkalic to transitional tholeiitic lavas. The Mauna Loa tholeiites display well-developed coherent trends with MgO that are indistinguishable in most respects from modern lavas. With depth, however, there is a slight decline in incompatible element abundances, and small shifts to depleted isotopic ratios. These characteristics suggest small changes in melt production and source components over time, superimposed on shallow melt segregation. The Mauna Kea section is subdivided into a thin, upper 107 m sequence of postshield tholeiites, transitional tholeiites and alkali basalts of the Hamakua volcanics, overlying four tholeiitic magma types that are intercalated throughout the rest of the core. These four magma types are recognized on the basis of MgO-normalized SiO2 and Zr/Nb values. Type-1 lavas (high SiO2 and Zr/Nb) are ubiquitous below the postshield lavas and are the dominant magma type on Mauna Kea. They are inter-layered with the other three lava types. Type-2 lavas (low SiO2 but high Zr/Nb) are found only in the upper core, and especially above 850 m. Type-3 lavas (low SiO2 and Zr/Nb) are very similar to tholeiites from Loihi volcano and are present only below 1974 m. There are only 3 discrete samples of type-4 lavas (high SiO2 and low Zr/Nb), which are present in the upper and lower core. The differences between these magma types are inferred to reflect changes in melt production, depth of melt segregation, and differences in plume source components over about 400 ka of Mauna Kea's eruptive history. At the start of this record, eruption rates were high, and two distinct tholeiitic magmas (type-1 and 3) were erupting concurrently. These two magmas require two distinct source components, one similar to that of modern Loihi tholeiites and the other close to that of Kilauea magmas. Subsequently, the Loihi-like source of the type-3 magmas was exhausted, and these lavas are absent from the remainder of the core. For the next 200 ka or so, the eruptive sequence consists of inter-layered type-1 and -2 lavas that are derived from a common Mauna Kea source, the major difference between the two being the depth at which the melts segregated from the source. At around 440 ka (corresponding with the transition in the core from submarine to subaerial lavas) eruption rates began to decline and low-MgO lavas are suddenly much more abundant in the record. Continuing gradual decline in melting and eruption rates was accompanied by a decline in normalized SiO2 content of the type-1 magmas, and the eventual onset of postshield magmatism.