The REE content of rocks and ores range widely in Yindongzi AgPb polymetallic deposit, REE distribution patterns dip to right, enrich LREE, and differentiates pooly for HREE, barite vein and ores have negative Ce anomaly, the depletion of Ce imply submarine hydrothermal process. The composition of S isotope has wide range in Yindongzi AgPb polymetallic deposit, heavy S isotope predominates, δ34S value of main orebody orebear solution is similar with that of Devonian sea water, it indicate that sulfur derived form Devonian sea water in semienclosed reducing condition. Pb isotope analysis suggested that Pb mainly came from depth, related with volcanic activity in sea floor. It showed that the deposit formed in Middle Devonian era, and metallogensis happened simultaneously with hydrothermal sedimentary rockforming process by isotopic date references and geologic study. It proved that hydrothermal sedimentary process was main oreforming means by research. It proposed that the formation of this deposit divided into two stages, included submarine exhalation sedimentary oreforming and reformed metallogensis stages, the former dominated and formed hydrothermal sedimentary rocks (baritic rock and silica rock, and so on) and fine metal minerals. The metallogenic model of this deposit is built, too. Combined with geological exploration work in ZhaShan region, it summed up five prospecting criteria and took exploration prediction in surrounding ore field and new region, and delineated eight predicting targets by studying and analyzing relative references. These conclusion pointed direction for probing further mineralization mechanics and exploring in ZhashuiShanyang sedimentary basin.