The discovery of the Houwanling Pb-Zn deposit in Ledong County of Hainan Province has been a very important achievement in ore exploration of Hainan Province in recent years. The authors consider that the Houwanling Pb-Zn deposit is a hydrothermal vein-type deposit in peripheral or supergene location of the porphyry system, strictly controlled by NNW-nearly SN transtensional faults and formed in an extensional environment of post-collision in late Cretaceous. On such a basis, a metallogenic model to explain ore genesis of the Houwanling Pb-Zn ore deposit is put forward in this paper.