The Bainiuchang deposit in Yunnan Province, China, is located geographically between the Gejiu ore field and the Dulong ore field. In addition to >7000 t Ag reserves, the deposit possesses large-scale Pb, Zn, Sn reserves and a mass of dispersed elements (i.e., In, Cd, Ge, Ga, etc.). Based on systematic studies of sulfur isotopic composition, the authors conclude: The Bainiuchang deposit experienced two epochs of metallogenesis, i.e., the Middle-Cambrian sea-floor exhalative sedimentary metallogenic epoch and the Yanshanian magmatic hydrothermal superimposition metallogenic epoch. In the two metallogenic epochs, the δ34S values of sulfides were all near 0, showing a tendency of being enriched slightly in heavy sulfur. The δ34S values of sulfides in the early metallogenic epoch are within the range of 2‰–5‰ with a peak value range of 2‰–3‰ and an average of 3.0‰, and those of sulfides in the late metallogenic epoch are within the range of 2‰–6‰ with a peak value of 3‰–4‰ and an average of 3.9‰. For the single metallogenic epoch, sulfur in the ore-forming fluids in the early epoch already reached isotopic equilibrium and was derived mainly from underneath the magma chamber or basement metamorphic igneous rocks. Sulfur in the sulfides in the late epoch was derived mainly from magmatic hydrothermal fluids formed in the process of remelting of the basement metamorphic igneous rocks. The Bainiuchang deposit in Yunnan Province, China, is located geographically between the Gejiu ore field and the Dulong ore field. In addition to> 7000 t Ag reserves, the deposit possesses large-scale Pb, Zn, Sn reserves and a mass of dispersed elements (ie, In, Cd, Ge, Ga, etc.). Based on systematic studies of sulfur isotopic composition, the authors conclude: The Bainiuchang deposit experienced two epochs of metallogenesis, ie, the Middle-Cambrian sea-floor exhalative sedimentary metallogenic epoch and the Yanshanian magmatic hydrothermal superimposition metallogenic epoch. In the two metallogenic epochs, the δ34S values ​​of sulfides were all near 0, showing a tendency of being enriched slightly in heavy sulfur. The δ34S values ​​of sulfides in the early metallogenic epoch are within the range of 2 ‰ -5 ‰ with a peak value range of 2 ‰ -3 ‰ and an average of 3.0 ‰, and those of sulfides in the late metallogenic epoch are within the range of 2 ‰ -6 ‰ with a peak value of 3 ‰ -4 ‰ and an average of 3.9 ‰. For the single metallogenic epoch, sulfur in the ore-forming fluids in the early epoch has reached isotopic equilibrium and was derived mainly from underneath the magma chamber or basement metamorphic igneous rocks. Sulfur in the sulfides in the late epoch was derived mainly from magmatic hydrothermal fluids formed in the process of remelting of the basement metamorphic igneous rocks.