Valdivia Bank (VB) is a Late Cretaceous oceanic plateau formed by volcanism from the Tristan-Gough hotspot at the Mid-Atlantic Ridge (MAR). To better understand its origin and evolution, magnetic data were used to generate a magnetic anomaly grid, which was inverted to determine crustal magnetization. The magnetization model reveals quasi-linear polarity zones crossing the plateau and following expected MAR paleo-locations, implying formation by seafloor spreading over ∼4 Myr during the formation of anomalies C34n-C33r. Paleomagnetism and biostratigraphy data from International Ocean Discovery Program Expedition 391 confirm the magnetic interpretation. Anomaly C33r is split into two negative bands, likely by a westward ridge jump. One of these negative anomalies coincides with deep rift valleys, indicating their age and mechanism of formation. These findings imply that VB originated by seafloor spreading-type volcanism during a plate reorganization, not from a vertical stack of lava flows as expected for a large volcano.Plain Language Summary Oceanic plateaus are large, elevated underwater features commonly formed from volcanic material from a hotspot. Valdivia Bank is a Late Cretaceous oceanic plateau in the southeast Atlantic Ocean formed by volcanism from the Tristan-Gough hotspot near the Mid-Atlantic Ridge. The origin and evolution of Valdivia Bank is poorly defined, but new magnetic data suggests the edifice originated through ridge-centered volcanism, with lateral accretion of crust. This is unlike the evolution of a massive volcano, which would be expected to create a vertical stack of lava flows. Magnetic inversion modeling suggests the plateau was formed by seafloor spreading during the formation of anomalies C34n-C33r, with the plateau becoming younger from east to west, rather than north-south as predicted by some hotspot models. Results from International Ocean Discovery Program Expedition 391 paleomagnetism and biostratigraphy confirm the anomaly interpretation.