The occurrence of very-high-grade bauxite ores of karst-type deposits resulting from Fe-leaching is of particular importance, because they are widespread in the Mediterranean metallogenetic province and result in the natural beneficiation of the ore quality. The present study focuses on mineral transformations and variations of major and trace elements, including platinum-group elements (PGE) and mineral chemistry along a bauxite profile from the Parnassos-Ghiona deposit, Greece underlying a fault. The most salient feature of the multicolor ores (grey–whitish, yellowish, deep red, deep grey to brown-red color, from top to bottom) is their association with fossilized and present-day microorganisms, which, by their reducing and/or oxidizing activity, catalyze redox reactions and provide nucleation sites for the precipitation of secondary minerals. Texture relationships between mineral and variations in the mineral chemistry, suggesting the sequence in their formation, indicate a multistage evolution. The recorded compositional variations show that the Al enrichment is accompanied by increase in the TOC, As, Pd and U, and chondrite-normalized REE patterns exhibit a similar trend and positive Ce anomalies. A lower (Pt + Pd) content and higher Pd/Pt ratio, ranging from 1.0 to 5.5 in the bauxite profile compared to those in Fe-Ni laterite deposits with the Pd/Pt ratio ranging from 0.1 to 0.68, reflect the higher solubility and mobility of Pd compared to that of Pt, and differences in their origin and genesis. A positive correlation between Pd and As and the elevated As content (up to 960 mg/kg) in multicolor ores compared to brown-red samples (average 10 mg/kg As) confirms their mobilization and redeposition.