The Shilu iron deposit occurs in diopside and tremolite rock, ferruginous phyllite and ferruginous sandstone of No. 6 layer of the Shilu Group. Iron orebodies are largely concordant with the bedding of the strata, and controlled by No. 6 layer of the Shilu Group and Beiyi synclinorium. The Shilu deposit can be divided into exhalative sedimentary, regional metamorphism, skarnization, sulfidation and supergene enrichment. The Shilu iron deposit is exhalative sedimentary superimposed by regional metamorphism. Indosinian regional metamorphism is induced by the southward subduction of the Paleo-Tethys ocean beneath the Indochina continental margin and associated Indochina and South China block collision during during the Late Permian to the Middle Triassic. Homogenization temperatures of the gas-liquid two phase inclusions in exhalative sedimentary quartz mostly cluster between 150 to 210℃ with salinity from 0.71 to 3.06 Wt. % NaCl equiv. Homogenization temperatures of fluid inclusions in the early skarn garnet, epidote and quartz vary from 150 to 497℃, with the peaks among 230 to 310℃, 370 to 410℃and 450 to 470℃. Salinity ranges from 1.23 to 22.31 wt. % NaCl equiv. with the peaks among 4 to 7 wt% NaCl equiv., 11 to 13 wt. % NaCl equiv. and 21 to 22 wt% NaCl equiv. Homogenization temperatures of gas-liquid two phase fluid inclusions in the late skarn calcite and quartz vary from 155 to 286℃, with the peaks between 170 to 210℃ and 230 to 250℃. Salinity ranges from 1.40 to 7.17 wt. % NaCl equiv. Homogenization temperatures of CO2-bearing three phase fluid inclusions vary from 218 to 533℃, higher than gas-liquid two phase fluid inclusions. Salinity ranges from 4.98 to 8.35 wt. % NaCl equiv. Homogenization temperatures of fluid inclusions in calcite and quartz of quartz-sulfide stage vary from 151 to 462℃, with the peaks among 170 to 250℃, 290 to 310℃ and 370 to 390℃. Salinity ranges from 1.05 to 16.53 wt. % NaCl equiv. with the peaks between 1 to 4 wt% NaCl equiv. and 14 to 17 wt% NaCl equiv. Gas-liquid two phase fluid inclusions, CO2-rich fluid inclusions and CO2-bearing three phase fluid inclusions occur in quartz of early and late skarn stages. These fluid inclusions in early and late skarn stages are generated by immiscibility, and derived from magmatic fluids. Iron enrichment is not associated with skarnization although magnetite replaces hematite duo to fluids of skarn stages. Conversely, iron depletion possibly occurred during skarn stages.