The Yinachang Fe-Cu-Au-REE deposit is located in the middle of Yunnan Province along the southern part of Kangdian axis and at the southwest edge of the Yangtze block. According to differences in mineral association, ore structure, texture and wall rock alterations, two mineral assemblages can be recognized, i.e., Fe-Cu-REE-feldspar-silicate assemblage of pre-dominant mineralization stage and Cu-Au-quartz-carbonate assemblage of post-mineralization stage, and the Fe-REE-feldspar-silicate assemblage can be further divided into magnetite- albite-REE subassemblage and chalcopyrite-K feldspar-garnet-biotite subassemblage. S, Pb, H, O isotopic researches on chalcopyrite, fluorite, quartz and calcite of the chalcopyrite-K feldspar-garnet-biotite subassemblage and the Cu-Au-quartz-carbonate assemblage suggest that the metal and fluid sources of the chalcopyrite-K feldspar-garnet-biotite subassemblage were dominantly derived from magma, while the ore-forming materials of the Cu-Au-quartz-carbonate assemblage had a complicated metal source, and its fluid was probably of metamorphic hydrothermal origin.