The Badaguan porphyry Cu-Mo deposit is one of the typical porphyry Cu-Mo deposits of the Greater Hinggan Range, China, eastern segment of the Central Asian Orogenic Belt. The orebodies are mainly hosted within granodiorite porphyry, and the contact zone between the granodiorite porphyry and country rocks. Detailed petrographic and ore microscopy observation suggest that Badaguan deposit can be divided into five ore-forming stages: potassium feldspar stage, molybdenum-quartz stage, magnetite-pyrite (±chalcopyrite)-quartz stage, and copper (lead and zinc)-quartz stage, chlorite (±carbonate)-quartz stage. The study of fluid inclusion shows that there are various types of fluid inclusion in Badaguan Copper-molybdenum Deposit, which mainly include vapor-rich phase inclusion, liquid-rich phase inclusions, CO2-bearing three-phase inclusions, and multiphase inclusions including daughter mineral. The study of microthermometeric and Laser Raman Spectroscope show the homogeneous temperatures of early fluid inclusion in Quartz phenocryst ranges between 460℃ and 572℃, with the highest salinities up to 63.13%NaCleqv. Daughter minerals include halite and anhydrite which possibly represent an oxidizing environment. Vapor bubbles are mainly composed of H2O, few CO2. The liquids are dominated by H2O and generally contain CO32-. The homogeneous temperatures of fluid inclusion in molybdenum-quartz stage cluster into 320℃~440℃,with salinities ranging from 0.83~63.13%NaCleqv. Daughter minerals include halite, hematite and unknown sulfide. Multiphase inclusions including daughter mineral or CO2 coexist with the vaper- and liquid-rich fluid inclusion, which are homogenized at similar temperatures. These phenomena strongly suggest that fluid-boiling occurred in this stage. The homogeneous temperatures of fluid inclusion in copper (lead and zinc)-quartz stage cluster into 260℃~340℃,with salinities ranging from 0.42~37.40%NaCleqv. Daughter minerals include halite and anhydrite. Vapor bubbles and liquids are mainly composed of H2O, CO2. Contrasting with the molybdenum-quartz stage, the changes of temperature among all factors is most significant in the copper (lead and zinc)-quartz stage. The homogeneous temperature of chlorite (±carbonate)-quartz stage fluid inclusion ranges between 237℃~306℃, with corresponding salinities no more than 12.4%NaCleqv. Considering the H-O isotope, the early stage fluids are magmatic in origin and characterized by high temperature, high salinities, high oxygen-fugacity and CO2-rich. Following with ore-forming processes and the participation of meteoric water, ore-forming fluid gradually evolved into the mixture of magmatic and meteoric water. The late stage fluids, characteristic of low temperature, low salinity, lack of daughter mineral and CO2, mainly sourced from meteoric water. Besides, we conclude the copper and molybdenum are carried by the same fluids while their precipitation mechanism has decoupling. Precipitation of molybdenum was mainly related to boiling that induced by reduced pressure, but precipitation of chalcopyrite closely was related to the fall of temperature.