The Sandaowanzi tellurium-gold deposit is a typical telluride-gold deposit in northern Heilongjiang Province. The ore deposit is located in the central section of the Da Hinggan Mountains. Microscope observation and electron microprobe analyses of mineral assemblages of this deposit reveal that 6 different kinds of tellurides such as petzite, sylvanite, calaverite, hessite and altaite are existent in ores of this ore deposit. Lots of native gold occurring in veins of quartz and petzite or coexistent with tellurides were also found in this ore deposit. EPMA test shows that Au possesses 85.64%~93.41% and Ag possesses 6.17%~13.48% in native gold, which can be classified as Ag-bearing native gold with gold fineness of 864~938. Tellurium could easily replace sulfur in middle-low temperature, making tellurium dispersed in lattice of sulfides in the isomorphous form, whereas under high tellurium fugacity conditions, tellurium could easily coexist with Au and Ag to form a number of tellurides.