On the basis of detailed geological studies of the Wulong gold deposit, three metallogenic stages can be identified. With quartz fluid inclusions as an object of study, the authors investigated phase characteristics, compositional variations, temperature and pressure changes, fluid evolution, Pb isotope tracing and Rb-Sr isotopic dating of fluid inclusions entrapped in the above three metallogenic stages. The results show that Na+ is decreased obviously with metallogenic evolution, while K+ and other cations and gas compositions (H2, CO, CH4 and CO2) are increased slightly, and that the temperature and salinity vary in a pulsating manner along with the metallogenic evolution. Inverse calculation of hydrogen and oxygen isotopes indicate that at the first metallogenic stage the fluids were magmatic water, at the second stage they were dominated by magmatic water with a minor amount of meteoric water involved, and at the third stage, i.e., the final stage of metallogenesis, the fluids were composed complete