The Permian–Triassic magmatic record in the eastern Central Asian Orogenic Belt (CAOB) provides critical insights into the terminal stages of the Paleo-Asian Ocean (PAO) evolution, including collisional and post-collisional processes following its Late Permian closure. The northeastern China region, tectonically situated within the eastern segment of the CAOB, is traditionally known as the Xingmeng Orogenic Belt (XOR). This study integrates zircon U-Pb geochronology, whole-rock geochemistry, and zircon Hf isotopic analyses of intermediate-acid volcanic rocks and intrusive rocks from the former “Tongjiatun Formation” in the Faku area of northern Liaoning. The main objective is to explore the petrogenesis of these igneous rocks and their implications for the regional tectonic setting. Zircon U-Pb ages of these rocks range from 260.5 to 230.1 Ma, indicating Permian–Triassic magmatism. Specifically, the Gongzhuling rhyolite (260.5 ± 2.2 Ma) and Gongzhuling dacite (260.3 ± 2.4 Ma) formed during the Middle-Late Permian (270–256 Ma); the Wangjiadian dacite (243 ± 3.0 Ma) and Wafangxi rhyolite (243.9 ± 3.0 Ma) were formed in the late Permian-early Middle Triassic (256–242 Ma); the Haoguantun rhyolite (240.9 ± 2.2 Ma) and Sheshangou pluton (230.1 ± 1.7 Ma) were formed during the Late Middle-Late Triassic (241–215 Ma). Geochemical studies, integrated with the geochronological results, reveal distinct tectonic settings during successive stages: (1) Middle-Late Permian (270–256 Ma): Magmatism included peraluminous A-type rhyolite with in calc-alkaline series (e.g., Gongzhuling) formed in an extensional environment linked to a mantle plume, alongside metaluminous, calc-alkaline I-type dacite (e.g., Gongzhuling) associated with the subduction of the PAO plate. (2) Late Permian-Early Middle Triassic (256–242 Ma): Calc-alkaline I-type magmatism dominated, represented by dacite (e.g., Wangjiadian) and rhyolite (e.g., Wafangxi), indicative of a collisional uplift environment. (3) Late Middle-Late Triassic (241–215 Ma): Magmatism transitioned to high-K calc-alkaline with A-type rocks affinities, including rhyolite (e.g., Haoguantun) and plutons (e.g., Sheshangou), formed in a post-collisional extensional environment. This study suggests that the closure of the PAO along the northern margin of the North China Craton (NCC) occurred before the Late Triassic. Late Triassic magmatic rocks in this region record a post-orogenic extensional setting, reflecting tectonic processes following NCC-XOR collision rather than PAO subduction. Combined with previously reported age data, the tectonic evolution of the eastern segment of the CAOB during the Permian-Triassic can be divided into four stages: active continental margin (293–274 Ma), plate disintegration (270–256 Ma), final collision and closure (256–241 Ma), and post-orogenic extension (241–215 Ma).