A new high density geophysical data set in the Parece Vela Basin north of 15｡N has been obtained through surveys conducted by the Hydrographic Department of Japan, The combined analyses of the swath bathymetry, magnetic and gravity anomalies from these surveys reveal a new scenario for the genesis of this basin. The evolutionary process is as follows: rifting and crust thinning (29-26 ma), northward propagation of east-west opening (26-23 Ma), and the northeast-southwest opening (20/19 ﾐ 15 Ma). The western part of the basin is complicated, displaying some traces of northward propagation of the spreading center. The change between early east-west opening and the final stage of northeast-southwest spreading is marked by a distinct north-south boundary in both structural and magnetic patterns, deep and rough topography of the extinct Parece Vela Rift is due to magma starvation in the terminal phase of the spreading.