Objectives: The Panzijian gold deposit is located in the Jiaoliao uplift area of the North China Block and on the Qixia-Penglai gold metallogenic belt.The formation of gold deposits is mainly related to Panzijian fault and Mesozoic magma in the region.Methods: In order to study the characteristics and evolution of ore-forming fluid and genesis of the deposit, Petrography, microthermometry, laser Raman spectroscopyand H-O isotope analysis of inclusions in different stages of the deposit are studyed.Results: The ore-forming hydrothermal period of the deposit can be divided into 4 metallogenic stages, from early to late, they are pyrite-quartz stage (Ⅰ), pyrite-sericite-quartz stage (Ⅱ),gold-quartz-polymetallic sulfide stage (Ⅲ) and pyrite-carbonate stage (Ⅳ).Stage Ⅱ and Ⅲ are the main metallogenic stages.There are three types of fluid inclusions in the mineralization stage, which are two-phrase aqueous fluid inclusions、CO2-bearing fluid inclusions and liquid inclusions.The homogenous temperature of the ore-forming fluids is between 142～348 ℃, focusing between 200～300 ℃,the salinity is between 4.44%～10.98% NaCl equiv,δD varies from -74.6‰ to 68.5‰，δ18OV‐SMOW varies from +11.65‰ to +13.92‰.Conclusions: The study of inclusions indicates that the ore-forming fluids are CO2-H2O-NaCl systems with medium-low temperature, low salinity, the H–O isotope shows that the ore-forming fluids are derived from the mantle，mainly composed of magmatic water and mixed with parts of metrorological water. The genetic type of the deposit is a quart vein gold deposit.