The Baoshan-Zhenkang terrane is one of the important lead-zinc polymentallic orefields in the southern part of the Sanjiang metallogenic belt, with complex geology and tectonics as well as very favorable Pb-Zn mineralization conditions. Two large-size Pb-Zn deposits were recently discovered in the Hetaoping and Luziyuang ore districts, which are apparently controlled by approximately NE-trending faults, anticlinal axis and strata. Marbleized limestone of Upper Cambrian Hetaoping and Shahechuang Formation is the ore-bearing horizon in this area, with proximal strong skarnization. Based on a comparative study of geochemical characteristics of fluid inclusions, lead, sulfur, hydrogen and oxygen isotopic compositions and trace elements from the two Pb-Zn deposits, the authors have reached the follow conclusions: The Hetaoping and Luziyuan Pb-Zn deposits have expe- rienced medium-temperature and high-temperature ore-forming stages; Compared with lead isotope compositon of the Luziyuan Pb-Zn deposit, lead isotope composition of the Hetaoping Pb-Zn deposit has a relatively high ratio and a wide range. Both ore districts,however,have radiogenic Pb isotopic ratios and are characterized by high μ values,suggesting a dominant input of Pb from crustal sources;Sulfur isotopic composition of the Hetaoping and Luziyuang deposits is characterized by lower positive δ³⁴S values and tower-type distribution,showing an involvement of deep magmatic sulfur; both ore deposits have not been subjected to the effect of biotic thermochemical reduction of sulfate, and has reached fractionation equilibrium of sulfur isotope; Hydrogen and oxygen isotope composition of quartz coexistent with sulfides indicates that the ore-forming fluid from the Hetaoping deposit was mainly derived from magmatic water with the mixture of meteoric water and stratigraphic water; The characteristics of trace elements of the two deposits are consistent with those of magmatic hydrothermal deposits, and do not resemble those of VMS type and MVT type Pb-Zn deposits. Therefore,both deposits belong to high-medium temperature skarn type Pb-Zn deposits associated with deep concealed intrusion, and the emplacement of the deep concealed intrusion in the ore districts was followed by the addition of Pb-Zn rich magmatic fluid into the intersection of anticline axis and NE-trending faults and the mixing with stratigraphic water and meteoric water,thus resulting in the formation of this type of ore deposits.