The Liziyuan gold deposit, situated on the south side of the Shangdan suture zone, West Qinling Orogen, occurs in metamorphic volcanic rocks (greenschist facies) of the early Paleozoic Liziyuan Group and in Indosinian Tianzishan monzogranite. Orebodies in the Liziyuan gold field are controlled by the ductile-brittle shear zone, and by thrusting nappe faults related to the Indosinian orogeny. In detail, this paper analyzed the geological characteristics of the Liziyuan gold field, and the Pb isotopes of the Lziyuan host rocks, granitoids (Tianzishan monzogranite and Jiancaowan syenite porphyry), sulfides, and auriferous quartz veins by multiple-collector inductively coupled plasma mass spectrometry (MC–ICP–MS). In addition, previous data on the sulfur, hydrogen, and oxygen isotopes were employed to discuss the possible sources of the ore-forming fluids and materials, and to further understand the tectonic setting of the Liziyuan gold deposit. The sulfides and their host rocks (Lziyuan Group), Tianzishan monzogranite and Jiancaowan syenite porphyry, and auriferous quartz veins have similar Pb isotopic compositions. Zartman’s plumbotectonic model diagram shows that most of the data for the deposit fall near the orogenic Pb evolutionary curve or within the area between the orogenic and mantle Pb evolutionary curves. In the Δβ–Δγ diagram, which genetically classifies the lead isotopes, most of the data fall within the range of the subduction-zone lead mixed with upper crust and mantle. This indicates that a complex source of the ore lead formed in the orogenic environment. The δ34S values of the sulfides range from 3.90 to 8.50‰ (average 6.80‰), with a pronounced mode at 5.00‰–8.00‰. These values are consistent with that of orogenic gold deposits worldwide, indicating that the sulfur sourced mainly from reduced metamorphic fluids. The isotopic hydrogen and oxygen compositions support a predominantly metamorphic origin of the ore-forming fluids, with possible mixing of minor magmatic fluids, but the late stage was dominated by meteoric water. The characteristics of the Liziyuan gold deposit formed in the Indosinian orogenic environment of the Qinling Orogen are consistent with those of orogenic gold deposits found worldwide.