Based on the analysis of the previous study results of the Baizhangyan Tungsten—molybdenum Deposit in Qingyang, Anhui Province, the paper has analyzed its ore forming setting, ore controlling conditions, epoch of diagenesis and metallogeny, and ore genesis, then built up its metallogenetic model. The paper also has further discussed the geodynamics setting of the deposit. Diagenetic material of the Baizhangyan tungsten—molybdenum ore deposit mainly derived from crustal materials, and ore forming of the deposit was caused by the invasion of the late Yanshanian continental crust remelted granite. The twice extensive magma activities of Yanshannian were the key factors to ore precipitation, which corresponded granodiorite in late Jurassic epoch and adamellite and alkaline granite in early Cretaceous. They each formed under the two different backgrounds of compression thickening and delamination thinning. The Baizhangyan tungsten—molybdenum ore deposit formed in the environment of delamination thinning of lithosphere in early Cretaceous, which indicates ore forming in the setting from compression thickening in late Jurassic epoch to delamination thinning in early Cretaceous during the tectonic turning period , and it fits in well with metallogenetic explosion in the eastern part of China in Yanshanian.