The Wulagen Pb-Zn deposit is a kind of hot brine sedimentary exhalative deposits, which is located in first and second lithologic member of Wulagen Formation of Paleocene series of Eogene system. The study of ore isotope proves that the lead and zinc are delivered from deep crust or upper mantle, and the sulfur is formed by the reduction of sulphates in the seawater. The metallogenic temperature is 64 ℃~193 ℃; the salinity of ore-forming fluid is 7.2%~20.29% (Wt NaCl); the metallogenic age is 45.4~54.0 Ma. The mineralizing process can be divided into three phases, which are: 1) hot brine sedimentary exhalative mineralization phase; 2) the hot brine filling and replacement phase; and 3) the supergene oxidized leaching and enrichment phase.