This paper presents REE abundance pattern and REE geochemistry of granodiorite porphyry, skarns, as well as late hydrothermal alterations in the Tongshan copper deposit, Guichi County and, in the light of their similarities and variations, deals with the genesis of the skarns and the transformation process of the post-skarn hydrothermal alterations. On such a basis, the inference is drawn that the skarn-forming solution was produced by further fractionation of residual magma, thus belonging to a transitional fluid between residual magma and hydrothermal solution which, with the continuous variation of its components during the metasomatism, tended to become a hydrothermal solution.