Huangshaping W-Mo-Pb-Zn polymetallic deposit is located in southeastern Hunan Province, South China. The mineralizations are associated with granite porphyry and quartz porphyry. Tungsten-molybdenum ore bodies occur as disseminated ore in skarn between quartz porphyry and carbonate rocks, while lead-zinc sulfide ores occur as veins outward the skarn, or within carbonate country rocks. The mineralization process can be generally divided into two stages. Skarn stage is associated with W-Mo mineralization and sulfide stage is associated with Pb-Zn mineralization. The fluid inclusions in garnet and actinolite are characterized by coexisting brine and vapor-rich fluid inclusions, indicating an immiscible condition. Using the homogenization temperatures (528℃ to 〉600℃) and salinity of brine (40%~45.5% NaCleqv), trapping pressure can be estimated to be 600~800bars, equivalent to a depth of 2.2~3.2km. Tungsten mineralization from later skarn stage was formed under boiling condition, characterized by fluid inclusion with high temperature (400~460℃), high salinity (40%~45% NaCleqv). The pressure is estimated to be 200~400bar, equivalent to a depth of 0.7~1.5km. At the sulfide stage, vapor-rich, liquid-rich and CO2-rich inclusions from quartz are coexisting in molybdenite-bearing quartz vein, indicating boiling at narrow range of temperatures from 300~340℃ and wide range of salinity from 5.86%~16.24% NaCleqv. The fluid inclusions in fluorite associated with Zn-Pb mineralization are almost liquid-rich fluid, indicating fluid boiling is not obvious. During Zn-Pb mineralization stage, the ore-forming temperature drops to 240~160℃ and salinity shows a wide range from 0.88% to 16.58% NaCleqv, indicating the characteristic of low-medium temperature and low salinity of ore-forming fluid. We concluded that the W-Mo-Pb-Zn mineralization in Huangshaping deposit is related to the cooling and boiling of fluids from early high-temperature, high salinity to late low-temperature, low salinity.