Abstract：Study of the geochemical characteristics of the host strata of the Hetaoping Pb-Zn district, Baoshan, Yunnan, indicates that the Lower Member of the Upper Cambrian Hetaoping Formation, Lower the Member of the Shahechang Formation and Upper Member of the Baoshan Formation might be the source bed of Cu mineralization, that Middle Member of the Hetaoping Formation and Shahechang Formation might be the source bed of Zn mineralization, and that the Middle Member of the Hetaoping Formation might be the source bed of Pb mineralization. In addition, the Upper Cambrian as a whole is characterized by strong enrichment (K≥5) in Bi and B and enrichment (K≥1.2) in Sb, As, W and Sn. The pervasive enrichment of metallic, semi-metallic and nonmetallic mineralizer elements such as Bi, Sb, As and B in host strata may lay a material foundation for entrapping ore-forming elements, causing superaccumulation of ore-forming material and eventually forming a commercial ore deposit during the late hydrothermal ore-forming processes. Basic dike rocks are characterized by strong enrichment (K≥5) in Au, Ag, Cu, Pb, Zn, W, As, Sb, Bi and F and similar to ores in the element types. According to various ore-controlling factors, combined with a study of the features of stable isotopes and fluid inclusions, the Pb-Zn deposit is considered as a stratabound hydrothermal deposit that formed in a favorable tectonic area on the basis of ore source beds and mineralizers formed in Late Cambrian specific sedimentary conditions and through late hydrothermal superimposition. Mineralization shows multi-stages and multi-source features. The genetic model and prospecting model of this ore deposit are established on the basis of the above-mentioned study.