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Abstract: The Lanping Basin in the Nujiang‐Lancangjiang‐Jinshajiang (the Sanjiang) area of northeastern margin of the Tibetan Plateau is an important part of eastern Tethyan metallogenic domain. This basin hosts a number of large unique sediment‐hosted Pb‐Zn polymetallic deposits or ore districts, such as the Baiyangping ore concentration area which is one of the representative ore district. The Baiyangping ore concentration area can be divided into the east and west ore belts, which were formed in a folded tectogene of the India‐Asia continental collisional setting and was controlled by a large reverse fault. Field observations reveal that the Mesozoic and Cenozoic sedimentary strata were outcropped in the mining area, and that the orebodies are obviously controlled by faults and hosted in sandstone and carbonate rocks. However, the ore‐forming elements in the east ore belt are mainly Pb‐Zn‐Sr‐Ag, while Pb‐Zn‐Ag‐Cu‐Co elements are dominant in the west ore belt. Comparative analysis of the C‐O‐Sr‐S‐Pb isotopic compositions suggest that both ore belts had a homogeneous carbon source, and the carbon in hydrothermal calcite is derived from the dissolution of carbonate rock strata; the ore‐forming fluids were originated from formation water and precipitate water, which belonged to basin brine fluid system; sulfur was from organic thermal chemical sulfate reduction and biological sulfate reduction; the metal mineralization material was from sedimentary strata and basement, but the difference of the material source of the basement and the strata and the superimposed mineralization of the west ore belt resulted in the difference of metallogenic elements between the eastern and western metallogenic belts. The Pb‐Zn mineralization age of both ore belts was contemporary and formed in the same metallogenetic event. Both thrust formed at the same time and occurred at the Early Oligocene, which is consistent with the age constrained by field geological relationship. [ABSTRACT FROM AUTHOR]