The geochemical behaviors of hydrogen and oxygen isotopes in the hydrothermal system and their inher-ent relationship with the water / rock exchange are discussed in this paper In addition to the temperature con-ditions, the effective W / R ratio is another factor controlling the changes in H and O isotope compositions ofthe altered rock and hydrothermal water. Besides, the application and geological significance of the water-rockexchange theory are also discussed in the light of the H and O isotope compositions and their variation charac-teristics of the mineralizing hydrothermal water and altered rocks from several mineral deposits. Finally, abrief evolutional model of H and O istotope compositions of meteoric and magmatic hydrothermal waters in ahydrothermal system is given.