///Located in the Variscan and Yanshanian metallogenic belt in the middle of the Greater Hinggan Mountains, the Xie’ertala Fe-Zn deposit is a large-medium-size Fe-Zn deposit of volcanic eruption sedimentation-hydrothermal enrichment type discovered in recent years. Based on an analysis of material composition, the authors investigated emphatically the fluid inclusions and isotopes so as to study the ore-forming fluid evolution and mineralization. The data obtained suggest that the ore-forming fluids were derived predominantly from an active meteoric groundwater system and magmatic water. Structural thermal effect, geothermal gradient and magmatic exhalation heat might have played the dominant role in Fe and Zn activation, whereas structural transition led to the Fe and Zn precipitation at a favorable position through changing the conditions of the primary well-evolved fluids.