The Xinqiao S-Fe-Cu-Au orefield is located in the Tongling ore cluster in the middle and lower reaches of the Yangtze River in East China. There have been many researches regarding the genesis of the Xinqiao orefield in recent years, showing that it belongs to various types, such as sedimentary-reformed type, stratabound-skarn type, sedimentary submarine rocks-hosted exhalative type. We propose that it was formed in two periods of mineralization base on systematic field observation and Pb and S isotopic analyses in nearly ten years. The first period was formed during a syngenetic sedimentary process, whereas the massive sulphide orebodies are mainly related to the Yanshanian granitic magmatism. Sulfide metallic mineral associations show zoning around a granite intrusion, i.e. magnetite and pyrite→pyrite, chalcopyrite and native gold→pyrite, sphalerite and galena. Gold orebodies occur outside the contact zone of the granite intrusion.