The newly discovered East Longjing-2 hydrothermal field (ELHF-2) is located on the Dragon Horn oceanic core complex of the ultraslow-spreading Southwest Indian Ridge, approximately 12 km from the ridge axis. This study measured the chemical compositions of pyrite from ELHF-2 using a laser ablation inductively coupled plasma mass spectrometry (LA-ICP-MS) to investigate the genesis of the field. Three generations of pyrite were classified, and found that: Py1 and Py2, rich in V, Mn, U, and Se, occur in altered basalt debris and the silica alteration matrix, respectively. Py3 was mainly intergrown with chalcopyrite in quartz veins and had higher Cu, In, Ag, Sb, and Au contents than Py1 and Py2. Some elements, such as Au, Se, and Pb, are likely presented as direct substitution with Fe2+ in pyrite, while Cu, Zn, Co, Ni, and Ag probably occur both as direct substitution with Fe and as distributed micro- to nanoparticle-sized sulfides. Meanwhile, the occurrence of V, Mn, and U is likely presented as oxide inclusions. Trace element geochemistry suggested that the pyrite was formed under high-temperature conditions, and the ore forming elements were likely derived from ultramafic rocks. In addition, Py1 and Py2 were formed under higher water/rock ratio and higher temperature conditions, with more seawater involvement compared with Py3. The formation of ELHF-2 was probably driven by exothermic serpentinization reactions with an additional magmatic heat. This study shows that high-temperature hydrothermal circulation driven by magmatic activity can be developed on distal rift flank areas of magma-starved ultraslow-spreading ridges.