The Gaoshan gold-silver deposit, located between the Yuyao-Lishui Fault and Jiangshan-Shaoxing fault in Longquan Area, occurs in the Suichang-Longquan gold-silver polymetallic metallogenic belt. This study conducted an investigation for ore-forming fluids using microthermometry, D-O isotope and trace element. The results show that two types of fluid inclusions involved into the formation of the deposit are pure liquid phase and gas-liquid phase aqueous inclusions. The homogenization temperature and salinity of major mineralization phase ranges from 156°C to 236°C (average 200°C) and 0.35% to 8.68% (NaCleqv) (average 3.68%), respectively, indicating that the ore-forming fluid is characteristic of low temperature and low salinity. The ore-forming pressure ranges between in 118.02 to 232.13′105 pa, and it is estabmiated that the ore-forming depth ranges from 0.39 to 0.77 km, indicating it is a hypabyssal deposit in genesis. The low rare earth elements content in pyrites, widely developed fluorite in late ore-forming stage and lack of chlorargyrite (AgCl), indicates that the ore-forming fluid is rich in F rather than Cl. The ratios of Y/Ho, Zr/Hf and Nb/Ta of between different samples have little difference, indicating that the later hydrothermal activities had no effects on the former hydrothermal fluid. The chondrite-normalized REE patterns of pyrites from country rocks and ore veins are basically identical, with the characteristics of light REE enrichment and negative Eu anomalies, implying that the ore-forming fluid was oxidative and derived partly from the country rocks. The δD and δ18O of fluid inclusions in quartz formed during the main metallogenic stage range from ?105‰ to ?69 ‰ and ?6.01‰ to ?3.81‰, respectively. The D-O isotopic diagram shows that the metallogenic fluid is characterized by the mixing of formation water and meteoric water, without involvement of magmatic water. The geological and geochemical characteristics of the Gaoshan gold-silver deposit are similar to those of continental volcanic hydrothermal deposit, and could be assigned to the continental volcanic hydrothermal gold-silver deposit type.