This paper is the result of the geological survey engineering. [Objective]The genesis of Pb-Zn deposit in Sichuan, Yunnan and Qianhai is diverse, especially the relationship with the Emei Mountain basalt is more controversial. In this paper, we study the source of ore-forming material, starting from Pb-Zn deposit in Permian carbonate rocks, which has received less attention from previous authors. [Methods]Using experimental data of S, Pb, C, H, and O isotopes and fluid inclusion temperature measurements, the source of mineralized materials and the characteristics of mineralized fluids were investigated in the Taipingzi Pb-Zn deposit in Xundian County, Yunnan Province. [Results]The Pb isotopic compositions of the ore are relatively homogeneous and concentrated, with the variations of ²⁰⁶Pb/²⁰⁴Pb, ²⁰⁷Pb/²⁰⁴Pb and ²⁰⁸Pb/²⁰⁴Pb ranging from 18.543 to 18.584, 15.646 to 15.694 and 38.799 to 38.958, respectively. These suggest that the Pb in Taipingzi Pb-Zn deposit belongs to normal common Pb with crustal origin. The metal-forming materials are mainly from the basement rocks, and the water-rock reaction may make the mineralized enclosing rocks contribute a small number of mineralized materials. The δ³⁴S in ore sulfide varies from -13.6 ‰ to -7.3 ‰ and δ³⁴S of the galena is higher than that in sphalerite. Sulfur isotope fractionation has not reached equilibrium, sulfur is mainly from crustal source. Biogenic sulfate reduction （BSR） is the main mechanism of sulfur reduction. A large amount of biogenic sulfur reduction has accumulated in the mineralized area before mineralization. The hydrothermal calcite δ¹³C_V-PDB ranges from 3.8 ‰ to 4.7‰ and δ¹⁸O_V-SMOW ranges from 12.0 ‰ to 16.7 ‰ with obvious low δD and high δ¹⁸O_fluid characteristics compared to other important Pb-Zn deposits in northeast Yunnan. The water in the mineralizing fluid mainly originates from a mixture of magmatic and organic water, with medium-high temperature and low salinity characteristics. [Conclusions]Taipingzi Pb-Zn deposit is significantly different from other typical Pb-Zn ores in the region in terms of metallogenic material, fluids and metallogenic temperature, and has typical magmatic-hydrothermal genesis characteristics.