The Yermak Plateau (YP) north of Svalbard is a prominent bathymetric feature in the Eurasia Basin of the Arctic Ocean, forming the northwesternmost margin of the Eurasian plate. Seismic data indicate that the YP comprises continental basement; however, little is known about its geology. New petrographic, geochemical, Sr–Nd isotopic, and Ar–Ar geochronological data were obtained on rock fragments, which were previously recovered from basement highs of the northeastern and southwestern YP and are dominantly of magmatic origin. These new data combined with available literature data, and comparisons with volcanic and sedimentary rocks from onshore and offshore areas adjacent to the YP indicate that the northeastern YP and the southwestern YP are different regarding their geological evolution. The southwestern YP comprises an alkaline basaltic suite for which an Ar–Ar biotite age of 51 Ma was previously reported. The suite was formed in a continental extensional regime offshore northern Svalbard. Associated sedimentary rocks (sandstone, several limestones) show petrographic similarity with rocks of the Devonian Old Red Sandstone on Svalbard. From the northeastern YP, in contrast, we recovered mildly alkaline basaltic rocks with mid-Cretaceous Ar–Ar ages (102 ± 3 and 98 ± 3 Ma). The rocks show certain geochemical characteristics (partial enrichments of P, Ba, and Eu), which overlap with similar-aged Cretaceous basaltic rocks from northern Ellesmere Island of Canada and North Greenland. We suggest that the northeastern YP is a continental fragment derived from the North American plate, which was separated from the conjugate Morris Jesup Rise and juxtaposed to the geologically distinct southwestern YP by the propagation of the Gakkel Ridge spreading center since the early Oligocene.