The Matou porphyry Mo-Cu deposit of Anhui province is a typical porphyry ore deposit in the metallogenic belt of the Middle-Lower Yangtze Valley, and has three distinct types of alterations in space: potassic, phyllic and propylitic. This paper investigated the migration regularity of major elements and the characteristic of REE for three different alteration zones: ①The migration regularity of major elements is obvious. The major components which migrate from potassication belt and to sericitization belt into propylitization belt included K2O、CaO、SiO2、TiO2、H2O+, suggesting that the liquids whit abundant K2O、CaO etc. could cause alteration; The components Na2O、FeO 、MnO were obviously brought out, implying that mineralization made such major components as Na2O 、FeO move into and lost in the ore body. The loss of Na2O is most obvious, in significant negative correction with Mo-Cu mineralization. ②The REE curves assume a rightly dipping REE pattern, the enrichment of LREE and the losses of HREE. The mass migration calculation for REE demonstrates the fractionation of REE in the process of mineralized alteration. The migration quantity of REE is keeping increasing trend from potassication zone to propylitization zone. ③The REE patterns show that the curve of fresh granodiorite porphyry and altered surrounding rock is basically the same, which indicates the source of the ore-forming material primarily came from the granodiorite melt, and probably mixed seawater. From the δEu value、δCe value and the ratio relation between the gain mass of Fe2O3 and the loss mass of FeO , we may demonstrate the oxygen fugacity is gradually increasing in porphyry fluid and the mineralization environment evolved to an oxidation environment. ④Except for Al2O3 and TiO2 which are immobile, it is held that the gains and losses of major elements and REE migrate in various degree within the range of mineralized alteration. The characteristics of enrichment and depletion and migration regularity is almost different.