The Saibagou gold deposit is located in the southeast of the Saishiteng mountain- Alzto mountain mineralization belt in the northern margin of Qaidam, in which the gold- bearing quartz veins mainly occur in the faults and joint fissures of the early Ordovician tonalite. The hydrothermal mineralization process can be divided into Ⅰ- pyrite- smoky- gray quartz vein stage, Ⅱ- pyrite- white quartz vein stage, Ⅲ- polymetallic sulfide- grey- white color beige quartz vein stage and Ⅳ- hoar quartz and calcite vein stage. Based on the ore microscopy observation, EDS and EPMA analyses, many gold/silver/lead tellurides are identified in pyrite, quartz or its fissures in phase Ⅱ and Ⅲ for the first time, and the mineral generate sequences are preliminary set for pyrite and chalcopyrite to natural gold, altaite, calaverite, petzite. In combination with the ore characteristics, mineralization stages and Pb isotope geochemistry in the Saibagou gold deposit, as well as the previous studies on surrounding rocks and metallogenic chronology, metallogenic fluid and Pb isotopes, the formation of gold tellurium in the deposit was related to the magmatic fluids that were derived from the deep mantle and the lower crust in the early Silurian.The mineralization fluids ascended along the large shear zone and mixed with the surface meteoric precipitation, enriched and mineralized in the weak structural parts, such as relative tensioning and ductile brittle transition of the shear zone.