The Bayan Obo REE-Fe-Nb ore deposit in Inner Mongolia is world-famous for its extreme enrichment of light rare earth elements; nevertheless, its origin remains controversial. This paper made a detailed review on geochronological data and a re-assessment of Sm-Nd isotopic results in literatures. It is shown that the REE mineralization of Bayan Obo ore deposit occurred at ca.1.3 Ga, consistent with the epoch of carbonatite dyke intrusion in this region, and REE in both the ore deposit and the carbonatite dykes were derived from the mantle. In short, REE in the Bayan Obo ore deposit were enriched by a single episode of mineralization that occurred in Mesoproterozoic and derived from the mantle only.