The Lijiagou Pb-Zn deposit in Gansu Province is a syngenetic hydrothermal-depositonal and meta-morphosed hydrothermal weakly-reworked stratabound ore deposit. The metallogenic physicochemical condi-tions of the deposit are thoroughly dealt with in this paper according to its different mineralization stages.Based on the systematic study of metallogenic material sources, it is considered that the ore-forming metals, oresulphur and water of mineralizing fluids are mainly derived from the basement, reduction sulphur of marinesulfate and infiltrating heated meteoric water and partially recharged sea water, respectively. Finally, themetallogenic model of this deposit is established.