The Huoshibulake deposit, hosted in the late Paleozoic carbonate rocks, is an important Zn-Pb deposit in southwestern Tianshan Mountains, Xinjiang. The trace elements of main ore minerals (pyrite, galena and sphalerite) and hydrothermal calcite were analyzed by ICP-MS in this study. The results show that pyrite, galena, sphalerite and calcite have similar REE characteristics, positive Eu anomalies and faint Ce anomalies, indicating that the ore-forming fluids evolved from a relatively oxidizing environment to a reduction environment. The authors compared the REE patterns of sulfides, calcite, Huoshibulake rock granite and ore-bearing wall rocks, and found that they are partly coincident with recrystallized micritic limestone. In combination with previous researches on isotope geochemistry, the authors have reached the conclusion that the Tangaitaer carbonate supplied essential metallogenic materials and ore-forming fluids. The Ga/In ratios indicate that the ore-forming temperature was low. Sulfides have light REE enrichment characteristics, with the Th/La and Nb/La ratios less than 1, suggesting Cl-richness of the ore-forming fluids. Ratios of Y/Ho, Zr/Hf and Nb/Ta varying in narrow ranges indicate that the source of the ore-forming fluid at the main metallogenic stage was simple and stable, with no addition of other fluids.