The Wulagen superlarge lead-zinc deposit in Xinjiang is a red bed lead-zinc deposit discovered for the first in continental basin in China. There exists controversy concerning its mineralization and genesis, and different researchers have classified it as different existing types of deposits, such as SEDEX type and sandstone type. Nevertheless, these classifications can not reflect its specific metallogenic environment and mineralization. Therefore, based on collected and studied the geological data of the continental red bed basin and its mineralization through comparison and analysis of regional geological structure background, ore-forming material sources, characteristics of ore-controlling factors, ore-forming fluid and some other phenomena, the author holds that the Wulagen lead-zinc deposit is very similar to many red bed copper deposits in China's continental basins in such aspects as the deposit characteristics, ore-controlling conditions and deposit genesis, and hence they are the same type of deposits.The red bed deposit is a specific mineral resource in diwa (geodepression) region and a new type deposit in diwa epoch, and red bed basin's hot brine action is a fully independent metallogenic system. The red bed deposit is a unique deposit type which has important theoretical significance and practical significance. A new direction and field are therefore opened for the prospecting of lead-zinc deposits.