The Precambrian Dengying Formation is a set of large-scale, extensively dolomitized, carbonate reservoirs occurring within the Sichuan Basin. Petrographic and geochemical studies reveal dolomitization was a direct result of precipitation by chemically distinct fluids occurring at different times and at different intensities. Based on this evidence, dolomitization and multiple fluid flow events are analyzed, and three types of fluid evolution models are proposed. Results of analysis show that Precambrian Dengying Formation carbonates were deposited in a restricted peritidal environment (630–542 Ma). A high temperature and high Mg2+ concentration seawater was a direct result of dolomitization for the micrite matrix, and for fibrous aragonite in primary pores. Geochemical evidence shows low δ18O values of micritic dolomite varying from ?1.29‰ to ?4.52‰ PDB, abundant light rare earth elements (REEs), and low dolomite order degrees. Microbes and meteoric water significantly altered dolomite original chemical signatures, resulting in algal micritic dolomite and the fine-grained, granular, dolosparite dolomite having very negative δ18O values. Finely crystalline cement dolomite (536.3–280 Ma) and coarsely crystalline cement dolomite have a higher crystallization degree and higher order degree. The diagenetic sequence and fluid inclusion evidence imply a linear correlation between their burial depth and homogenization temperatures, which closely resemble the temperature of generated hydrocarbon. Compared with finely crystalline dolomite, precipitation of coarsely crystalline dolomite was more affected by restricted basinal fluids. In addition, there is a trend toward a more negative δ18O value, higher salinity, higher Fe and Mn concentrations, REE-rich. Two periods of hydrothermal fluids are identified, as the exceptionally high temperatures as opposed to the temperatures of burial history, in addition to the presence of high salinity fluid inclusions. The early hydrothermal fluid flow event was characterized by hot magnesium- and silicon-rich fluids, as demonstrated by the recrystallized matrix dolomite that is intimately associated with flint, opal, and microcrystalline quartz in intergranular or intercrystalline pores. This event was likely the result of a seafloor hydrothermal chimney eruption during Episode I of the Tongwan Movement (536.3±5.5 Ma). In contrast, later hydrothermal fluids, which caused precipitation of saddle dolomite, were characterized by high salinity (15–16.05wt% NaCl equivalent) and homogenization temperatures (250 to 265°C), δ18O values that were more enriched, and REE signatures. Geochemical data and the paragenetic sequence indicate that this hydrothermal fluid was related to extensive Permian large igneous province activity (360–280 Ma). This study demonstrates the presence of complicated dolomitization processes occurring during various paleoclimates, tectonic cycles, and basinal fluids flow; results are a useful reference for these dolomitized Precambrian carbonates reservoirs.