The Huanxiangwa gold deposit is located in the Xiongershan gold polymetallic ore district, Henan Province. Two mineralization types are distinguished in the gold deposit: altered cataclastic rocks and quartz vein mineralization. The ore- forming process can be divided into four mineralization stages: pyrite- quartz stage (Ⅰ), quartz- pyrite stage (Ⅱ), quartz- polymetallic sulphides stage (Ⅲ) and carbonate stage (Ⅳ). In order to identify the characteristics and evolution of ore- forming fluids, fluid inclusions in different stages were analyzed by petrography, microthermometry, laser Raman spectroscopy, and gas- liquid chromatography.The sources of ore- forming fluids and ore- forming material were inferred by analyzing the hydrogen, oxygen and sulfur isotopes in typical minerals of each ore- forming stage. Fluid inclusions in the Ⅰ, Ⅱ, Ⅲ stages are mainly NaCl- H 2O type and CO 2- H 2O- NaCl type, which mainly homogenized at temperatures between 260~320℃, 220~280℃, and 180~240℃, respectively, with salinities concentrated in the range of 5%~9%, 7%~12%, and 5%~10%, indicating a moderate temperature and low- salinity ore- forming fluid.In the late carbonate stage, there is only NaCl- H 2O type fluid inclusions, which mainly homogenized at temperatures between 120~180℃, with salinity concentrates at 0%~2%. In the quartz- sulfide stage (Ⅰ, Ⅱ, Ⅲ), gas phases in fluid inclusions are mainly composed of H 2O, CO 2, with small amount of H 2S, N 2, C 2H 6, CH 4, CO and H 2, and liquid phases are mainly Na+, SO2- 4, and Cl-. In the carbonate stage, ion concentrations in the liquid phase decreased significantly. The δ18O H 2O values of stage I, stage II, and stage III fluids are 3. 8‰~11. 9‰ (mean value 7. 7‰), 3. 3‰~8. 2‰ (mean value 5. 2‰), and 1. 2‰, respectively, while the corresponding δD H 2O 〖JP2〗values are -96‰~-72‰ (mean value -84‰), -98‰~-67‰ (mean value -87‰), and -90‰, 〖JP〗respectively. The ore- forming fluid of early stage was dominated by magmatic water, while increasing amount of meteoric water was involved in the later stage fluids. The δ34S are between -24. 2‰~0. 6‰, among them the δ34S of pyrite, which is not fractionated in the Ⅰ and Ⅱ stages, is close to zero, showing that S isotope are probably derived from Early Cretaceous granite or mantle fluids. It is proposed that the Huanxiangwa gold deposit was driven by the Late Mesozoic lithospheric extension in East Qinling- Dabie area, and belongs to “decratonic gold deposit”.