The Campanian Ignimbrite is a large-volume trachytic to phonolitic ignimbrite that was deposited at ≈39.3 ka and represents one of a number of highly explosive volcanic events that have occurred in the region near Naples, Italy. Thermodynamic modeling using the MELTS algorithm reveals that major element variations are dominated by crystal-liquid separation at 0.15 GPa. Initial dissolved H₂O content in the parental melt is ∼3 wt.% and the magmatic system fugacity of oxygen was buffered along QFM+1. Significantly, MELTS results also indicate that the liquid line of descent is marked by a large change in the proportion of melt (from 0.46 to 0.09) at ∼884°C, which leads to a discontinuity in melt composition (i.e., a compositional gap) and different thermodynamic and transport properties of melt and magma across the gap. Crystallization of alkali feldspar and plagioclase dominates the phase assemblage at this pseudo-invariant point temperature of ∼884°C. Evaluation of the variations in the trace elements Zr, Nb, Th, U, Rb, Sm, and Sr using a mass balance equation that accounts for changing bulk mineral-melt partition coefficients as crystallization occurs indicates that crystal-liquid separation and open-system processes were important. Th isotope data yield an apparent isochron that is ∼20 kyr younger than the age of the deposit, and age-corrected Th isotope data indicate that the magma body was an open system at the time of eruption. Because open-system behavior can profoundly change isotopic and elemental characteristics of a magma body, these Th results illustrate that it is critical to understand the contribution that open-system processes make to magmatic systems prior to assigning relevance to age or timescale information derived from such systems. Fluid-magma interaction has been proposed as a mechanism to change isotopic and elemental characteristics of magma bodies, but an evaluation of the mass and thermal constraints on such a process suggests large-scale interaction is unlikely. In the case of the magma body associated with the Campanian Ignimbrite, the most likely source of the open-system signatures is assimilation of partial melts of compositionally heterogeneous basement composed of cumulates and intrusive equivalents of volcanic activity that has characterized the Campanian region for over 300 kyr.