The Sandaowanzi gold deposit, which was recently discovered in northern China, is a typical telluride-gold deposit. Metallic minerals are mainly composed of various tellurides and native gold with minor sulfides. In this paper we carried out work focusing on the typomorphic characteristics of pyrite and processes of changes and preservation of the Sandaowanzi telluride-gold deposit. Study showed that pyrite occurred mainly in two stages: the early pyrite(Py1) occurred in cubic euhedral crystals, which represented pyritized alteration; the late pyrite(Py2) showed fine anhedral crystals, which had relationship with Te-Au mineralization. Trace element study about pyrite indicated that there are fine hessite grains in pyrite and REE analysis identified that pyrite had close relationship with gold mineralization and andesite magmatism, while with no relationship with granite magmatism. Analysis about thermoelectic properties of pyrite in deposit showed that the pyroelectric coefficient mainly varied -180～-90V•℃-1 with N type dominated; frequency(57.5﹪→84.2﹪→92﹪→97.4﹪) of N type pyrite increased from top to bottom of the deposit; pyrite occurred in quartz vein had lower pyroelectric coefficient than in altered andesite. Combined with thermoelectic properties of pyrite and fluid inclusions study we calculated the average erosion rate as 53.6m/Ma. Finally we gave a summary about changes and preservation of the Sandaowanzi telluride-gold deposit after its formation and put forward a conclusion that searching for ore deposits that formed before Mesozoic in this area should pay attention to the significance of placer.