Taoxinghu metamorphic peridotite is a firstly reported mantle sequence of ophiolite since Longmuco–Shuanghu–Lancangjiang suture zone (LSLSZ) was proposed, and it is also an important discovered for ophiolite studying in central Qiangtang. Based on detailed analyses of whole–rock geochemistry of Taoxinghu metamorphic peridotites and contrast to metamorphic peridotites in typical ophiolites worldwide, the paper investigates their petrogenesis and geological implication. The petrologic results show that the protolith of Taoxinghu metamorphic perdotites have the mineral assemblage and texture characteristic of mantle peridotite. Most metamorphic peridotites hav near global abyssal peridotites major elements contents, while the few is similar to SSZ–type peridotites. They exhibit typically U–shaped REE patterns, characterized by slight enrichment of LREE and HREE relative to MREE and a low fractionated LREE to HREE segment. Trace elements contents are low and all samples are strong enrichment in Cs, U, Pb, weak enrichment in Ba and depletion in Th, but negative Nb anomalies are only observed in few samples. That suggests Taoxinghu metamorphic peridotites have depletion mantle and suprasubduction affinities. A two–stage evolution history is considered: Taoxinghu metamorphic peridotites originated as the residue from melting at a ridge with 7%–20% degree of fraction melting and were subsequently modified by interaction with mafic melt and aqueous fluid within mantle wedge on subducted zone. Combined with previous studies, we preliminarily propose Taoxinghu metamorphic peridotites may be the Products of initial rifting of palo–Tethys, forming at middle Ordivician–upper Cambrian, and they may be the direct evidences for spreading of palo–Tethys.