The flat subduction and subsequent rollback of the Paleo-Pacific plate played a critical role in the destruction of the eastern North China Craton (NCC), manifested by a drastic transformation of the subcontinental lithospheric mantle (SCLM) in physico-chemical properties. However, the nature of the SCLM beneath the central NCC remains poorly defined. This study presents in situ major element compositions and Li systematics (concentrations and δ7Li) of olivine xenocrysts from Cenozoic Xiyang–Pingding basalts to investigate the impacts of circum-craton plate subduction on the SCLM. Olivine grains from the basalts are classified into four types based on core forsterite (Fo) contents and mineralogical traits. Types 1–3 xenocrysts show sub-rounded shapes, kink bands, and geochemical affinities with xenolithic olivines, distinct from Type 4 phenocrysts. Xenocrystic zoned textures resulted from re-equilibration with host magma, while large xenocrystic cores retain the SCLM composition. Type 1 cores (Fo = 92.1–93.5) exhibit Li contents (1.0–1.7 ppm) comparable to mantle olivines and δ7Li values within or slightly above the normal mantle range (2–6 ‰), representing relicts of ancient refractory SCLM enriched by Paleo-Pacific slab-derived silicate melts. Type 2 (Fo = 90.0–92.0) and high-Fo (88.6–89.9) Type 3 xenocrysts display Li enrichment (1.3–3.5 ppm) and δ7Li depletion (down to −20 ‰). Positive relationships between δ7Li and both Fo and 1/Li indicate their formation through interaction between Archean refractory SCLM and asthenospheric carbonated silicate melts. Low-Fo (84.7–88.2) Type 3 cores record the highest Li (1.7–4.9 ppm) and δ7Li (9 ‰ to 14 ‰), marking the recent refertilization by asthenospheric silicate melts. Combined with previous studies, these Li-δ7Li variations reflect the most comprehensive record of SCLM modification beneath the NCC, offering crucial insights into the dynamics of cratonic evolution.