Four types of fluid inclusions (FIs), including aqueous (type W), carbonic-aqueous (type C), pure carbonic (type PC) and solid-bearing (type S), are identified at the Tiemurt deposit. The early-stage minerals contain the C- and W-type primary FIs that are totally homogenized at temperatures of 330-390 ¡ãC with low salinities of 0.8-11.9 wt. % NaCl eqv.; whilst the late-stage quartz or calcite contains only the W-type FIs with homogenization temperatures of 118-205 ¡ãC, and salinities of 1.4-3.4 wt. % NaCl eqv. This indicates that the ore fluid system evolved from CO2-rich, probably metamorphic to CO2-poor, meteoric fluids; and that a significant CO2-escape must have occurred. All the four types of FIs can be only observed in the middle-stage minerals, and even in a microscopic domain of a crystal, representing an association trapped from a boiling fluid system. These FIs homogenize at temperatures ranging from 270 to 330 ¡ãC, with two salinity clusters of 1.9-14.5 and 37.4-42.4 wt. % NaCl eqv., respectively. This implies that metal precipitation resulted from fluid boiling, CO2-escape and transient oversaturation. The estimated trapping pressures of FIs range from 130 to 380 MPa, suggesting an alternating lithostatic-hydrostatic fluid-system, controlled by a fault-valve at the depth of ?3 km. Therefore, the Tiemurt Pb-Zn-Cu deposit is likely an example of orogenic Pb-Zn + Cu systems formed in collision orogeny, rather than a pre-collision VMS or Sedex system developed in Devonian; and a new metallogenic model is proposed to interpret the formation of the Tiemurt Pb-Zn-Cu deposit.