Baiyangping Cu-Ag polymetallic ore district is located in the northern part of the Lanping-Simao foreland fold belt between the Jinshajiang-Ailaoshan and Lancangjiang faults, and the deposit can be divided into eastern and western ore zones. Based on electron microprobe analysis of ore minerals, ore-forming element content and S isotope composition, we included that 1) The type of ore minerals combination and trace elements characteristics are significantly different in two ore zone; 2) In eastern ore zone, the enrichment of Ag, As, Cd, Pb, Sb and Zn is weakened, enrichment of Bi and Cu is enhanced from south to north; 3) Co, Ni and Cr contents are higher in western ore zone, on the contrary, Sr, Pb, Zn and Ba contents are higher in eastern ore zone; and 4) The volcanic rocks in Lanping basin have provided the main ore-forming source. The characteristics of Mo, Co and Ni indicated that the mineralization may have a close connection with mafic-ultramafic magma. S isotope features implied that the source of sulfur is mainly mantle source.