The Bayan Obo rare earth element (REE) deposit in Inner Mongolia, northern China, is the largest REE deposit in the world, whose mineralization process remains controversial. There are dozens of carbonatite dykes that are tightly related to the deposit. Here we report the petrological and mineralogical characteristics of a typical dolomite carbonatite dyke near the deposit. The dolomite within the dyke experienced intense post-emplacement fluids metasomatism as evidenced by the widespread hydrothermal REE-bearing minerals occurring along the carbonate mineral grains. REE contents of bulk rocks and constituent dolomite minerals (>90 vol.%) are 1407–4184 ppm and 63–152 ppm, respectively, indicating that dolomite is not the dominant mineral controlling the REE budgets of the dyke. There are three types of apatite in the dyke: Type 1 apatite is the primary apatite and contains REE2O3 at 2.35–4.20 wt.% and SrO at 1.75–2.19 wt.%; Type 2 and Type 3 apatites are the products of replacement of primary apatite. The REE2O3 (6.10–8.21 wt.%) and SrO (2.83–3.63 wt.%) contents of Type 2 apatite are significantly elevated for overprinting of REE and Sr-rich fluids derived from the carbonatite. Conversely, Type 3 apatite has decreased REE2O3 (1.17–2.35 wt.%) and SrO (1.51–1.99 wt.%) contents, resulting from infiltration of fluids with low REE and Na concentrations. Our results on the dyke suggest that post-magmatic fluids expelled from the carbonatitic melts dominated the REE mineralization of the Bayan Obo deposit, and a significant fluid disturbance occurred but probably provided no extra REEs to the deposit.