Abstract: The Tianbaoshan deposit, composed of two ore blocks, i.e. Tianbaoshan and Xinshan, is one of the largest PbZn deposits in the Yunnan-Guizhou-Sichuan epithermal metallogenic province. The ore minerals are mainly sphalerite and galena, with minor pyrite and chalcopyrite. Based on field observation, the authors identify and study the rock and mineral samples and polished sections. According to the assemblage and interrelations of minerals, the forming sequence is determined. The Tianbaoshan Pb-Zn deposit is then divided into 3 metallogenic periods with 5 mineralization stages.