There are many lead-zinc polymetallic deposits related to continental collision in Lanping Basin, western Yunnan Province. These deposits were formed in a continental collision environment, developed in a strong deformation sedimentary basin, controlled by thrust structure, had no obvious affinity to igneous activities and belong genetically to epigenetic mineralization. Thus they are significantly different from Sedex-type Zn-Pb deposits produced in the passive continental margin and also different from marine sandstone-type Pb deposits (SST) and sandstone-type Cu deposits (SSC). Although they are similar to the MVT lead-zinc deposits, they are not the typical characteristics of MVT lead-zinc deposits in such aspects as basin environment, structural location, source material, metals and ore combination. Therefore, due to their unique characteristics, they are an important research object for the comprehensive understanding of the sediments-hosted base metal mineralization. In the past, less researches have been devoted to the lead-zinc polymetallic deposits in Fulongchang area, and hence the relationship between the different deposits is not clear. On the basis of geological field observations, the authors selected sphalerite which exist in all these deposits as the object to study its trace elements and S-Pb isotopic composition so as to make a comparative analysis. On the whole, these deposits are developed in the thrust nappe structure system and the secondary faults caused by thrust, have no obvious wall rock affinity, and show injection filling epigenetic mineralization in the fault system. The ore minerals include not only sphalerite, galena, pyrite, gratonite and tetrahedrite but also cinnabar, realgar and orpiment, with the main gangue minerals being calcite, assuming a low temperature hydrothermal mineral assemblage. Ore structures mainly include brecciated, veinlike, massive, disseminated, spotted and banded structures. The mineral textures are mainly euhedral granular, hypidiomorphic granular, xenomorphic granular and saccharoidal textures. Besides Zn-Pb, these ore deposits also have Cu and Ag, showing features of Pb-Zn-Cu-Ag polymetallic assemblage. Wall rock alteration is mainly carbonation. The three deposits have rich Cd, poor Ge and Ga, inversely related Fe-Cd, low average ratios of Zn/Cd in sphalerite. δ34S values of sphalerite in the three deposits are basically consistent, have a narrow range, and show peaks at 5‰～6‰. Lead isotope values of sphalerite from different ore deposits are basically in coincidence. In the diagrams of 207Pb/204Pb－206Pb/204Pb and 208Pb/204Pb－206Pb/204Pb, the main data are located between the upper crust line and the orogenic belt line. In the Δβ－Δγ diagram, the whole values fall into the upper crust lead zone and the mixed range of the upper crust lead and the mantle subduction zone lead. Compared with the values of different metal source end-members in Lanping basin, the value of Pb isotope in sphalerite is consistent with the values of the Mesozoic and Cenozoic sedimentary rocks. Therefore, the lead-zinc polymetallic deposits in Fulongchang area must have been formed at the same ore-forming fluid activity in different spatial locations, being of the same origin. Meanwhile, the ore-forming temperature was of middle-low temperature, and sulfur was probably derived from the thermochemical sulfate reduction of organic matter in the basin or the decomposition of sulfur-bearing organic matter. The metals for mineralization might have come from regional sedimentary strata.