///The Huize Pb-Zn deposit in Yunnan Province, China, is the only super-large Pb-Zn deposit ascertained in Sichuan-Yunnan-Guizhou Pb-Zn-Ag polymetallic ore concentration area on the southwestern margin of the Yangtze Block. In this paper, the authors discusses the mechanism of transportation and precipitation of the ore-forming fluid by using thermodynamics combining with previous studies on geological characteristics and source and characteristics of ore-forming fluids of Huize Pb-Zn deposit. At low temperatures (150~250 ℃), Zn transported mainly as hydrosulfide complex and only a few as chloride complex. While, Pb transported mainly as chloride complex and a few as hydrosulfide complex. At middle and high temperatures (300~400 ℃), Pb and Zn both transported mainly as chloride complex. The main precipitation mechanism of mineralization elements is fluid mixing which causes the decrease of temperature of ore-forming fluid, concentration of reduced sulfur and Cl-, oxygen fugacity and the increase of pH.