The model of the mineralization and ore-forming fluid evolution in the Maoniuping deposit, showing that the ore fluid rich in Na, K, (SO 4)2−, Cl−, F−, REE and CO 2 , derived from carbonatite magma which was formed by melting of REE-refertilized metasomatic sub-continental lithospheric mantle (SCLM). The ore fluid was a high-temperature (>800 °C), high-pressure, and high-salinity magmatic fluids and evolved into a medium- to high-temperature (260–480 °C), high-pressure (200–300 MPa), moderate- to high-salinity (9.4–47.8 wt% NaCl equiv), accompanied with immiscibility in hydrothermal stage. Ultimately, main REE mineralization occurred at Fluid low temperature (167–240 °C), pressure (<500 bars), and salinity (8–11 wt%) by fluid cooling and mixing with meteoric water. • The ore-forming fluids in Maoniuping are rich in Na+, K+, (SO 4)2−, Cl−, F−, CO 2 and REE. • Immiscibility is vital before the mineralization and constrained to 310–350 °C, 2.0–2.4 kbar. • Fluid cooling, mixing with meteoric water and increased pH are main mechanisms for REE precipitation. • The fenitization-REE-bearing mineral zonation formed from about 480 to 200 °C. Carbonatite-related rare-earth element (REE) deposits (CARDs) are the major global source of REEs. The ore-forming fluids of CARDs usually comprise multiple components and record complicated evolutions. The Maoniuping REE deposit, located in the eastern Tibetan Plateau, is the second-largest CARD in China and contains total reserves of 3.17 Mt of light rare-earth oxides (REOs). Geochronological and geological data show that the deposit was formed at ∼25 Ma and was only moderately affected by tectonic and hydrothermal activities, thereby allowing us to study the evolution of ore fluids as well as the mechanisms of REE mineralization. The Maoniuping REE deposit is spatially associated with a carbonatite–syenite complex and includes two sections: Guangtoushan and Dagudao. The Dagudao section is the main focus of exploration and hosts well-developed vein systems. In the uppermost vein system, minerals are zoned from the syenite wall-rock contact to the vein centers in the order of biotite, aegirine-augite, arfvedsonite, calcite, quartz, barite, fluorite, and bastnäsite-(Ce). Based on geological observations and the petrography of fluid inclusions, the mineralization processes are classified into magmatic, pegmatitic, hydrothermal I, hydrothermal II, and REE stages. The inclusions in these stages include melt (M), melt–fluid (M–L), pure CO 2 (C), aqueous–CO 2 (L–C), aqueous–CO 2 with crystals (L − C + S), liquid–vapor aqueous with crystals (L − V + S), and liquid–vapor (L–V) type inclusions. The magmatic stage is marked by a carbonatite–syenite complex with minor bastnäsite-(Ce), whereas the pegmatitic stage consists of coarse-grained calcite, barite, fluorite, and quartz that contain M, M–L, and L–C type inclusions with a fluid system of NaCl–Na 2 SO 4 –H 2 O–CO 2 at high temperature (>600 °C) and high salinity (>45 wt% NaCl equiv.). The hydrothermal I stage is characterized by fenitization and is marked by aegirine-augite and arfvedsonite containing abundant L–V and few L–C type inclusions. This stage is characterized by high temperatures (∼480 °C) and moderate salinity (10.2–17.9 wt% NaCl equiv.), with a fluid system of NaCl–Na 2 SO 4 –H 2 O and minor CO 2 and CH 4 + C 2 H 6. The hydrothermal II stage is dominated by L–C, L − C + S, L − V + S, and L–V type inclusions that are hosted in barite, calcite, fluorite, and quartz, and formed at moderate to high temperatures (260–350 °C), with a wide range of salinity (9.4–47.8 wt% NaCl equiv.), a fluid system of NaCl–Na 2 SO 4 –CO 2 –H 2 O, and abundant CH 4 + C 2 H 6. During the REE stage, pervasive bastnäsite-(Ce) containing abundant L–V type and few L–C type inclusions crystallized under low temperatures (160–240 °C) and low salinities (8.8–13.1 wt% NaCl equiv.) with a fluid system of NaCl–H 2 O and minor CO 2 and CH 4 + C 2 H 6. The results of ion-chromatographic analysis show that the ore fluids are rich in Na+, K+, Cl−, F−, and (SO 4)2−, and have low Cl−/(SO 4)2− ratios (0.78–2.00), showing a marked contrast with the fluids of granite-related REE deposits (Cl−/(SO 4)2− > 50) and a similarity to subcontinental lithospheric mantle (SCLM). The δD and δ18O fluid values and the high N 2 /Ar ratios indicate that the ore fluids originated from carbonatitic magma and were dominated by magmatic water during the hydrothermal I stage, whereas magmatic and meteoric water co-existed during the hydrothermal II and REE stages. Moreover, the higher ratios of CO 2 /N 2 (9–64) and CO 2 /CH 4 (17–472) and the higher concentrations of CO 2 , CH 4 , C 2 H 6 , and N 2 in the hydrothermal II stage compared with the hydrothermal I stage are attributed to intense immiscibility that resulted from decompression and is constrained to temperatures of 310–350 °C and pressures of 2.0–2.4 kbar. In contrast, microthermometric data and low CH 4 , C 2 H 6 , and N 2 contents for the REE stage show that fluid cooling and mixing with meteoric water played an important role during the intensive mineralization of this stage, which occurred under shallow open-system conditions at temperatures of ∼200 °C and pressures of <0.5 kbar. The mineral assemblages, together with experimental petrology results, suggest that the REE transport capability of the hydrothermal fluids was due to the high contents of (SO 4)2−, Cl−, and F− complexes. In addition, CO 2 that separates during immiscibility is known to act as a buffer that constrains the pH of ore fluids. Thus, immiscibility during the hydrothermal II stage could have provided favorable conditions for the migration of REEs. The subsequent cooling of fluids, the involvement of meteoric water, and increased fluid pH, favored the precipitation of REEs in the Maoniuping deposit. [ABSTRACT FROM AUTHOR]