The Baiyangping lead-zinc-copper-silver polymetallic deposit in Lanping basin is composed of a few ore veins and can be divided into several ore blocks. Researches on ore geological features and mineralization characteristics of different ore blocks of the ore deposit have been very insufficient. Based on an analysis of data available in combination with field geological survey, it can be concluded that the strata in the ore district comprise mainly Mesozoic sedimentary rocks. Three main cross-cutting fault systems are observed in the ore district, namely nearly north-south-striking faults, NWW-striking faults and NE-SW-striking faults. Ore bodies are evidently controlled by faults in different ore blocks and have no obvious affinity with any special strata and lithology; they primarily occur in the fault zone, with some in fractures, cleavages and space of wall rock collapse. There are breccia ore, massive ore, veinlike ore and disseminated ore, suggesting they were formed by filling epigenetic mineralization. In different ore blocks, mineral composition and association of elements are somewhat different: in Liziping and Wudichang ore blocks, the main minerals include sphalerite, gratonite, galena, jordanite, realgar and orpiment, comprising the Pb-Zn-As-Sb-Ag element assemblage; in Fulongchang ore blocks, the main minerals include sphalerite, jordanite, galena, tetrahedrite series minerals, bournonite, argentite and kongsbergite, composing the Pb-Zn-Cu-Ag element assemblage; in Fulongchang ore blocks, the main minerals include tetrahedrite series minerals, chalcocite, chalcopyrite, jordanite, cobaltine, siegenite, cobalt-bearing arsenopyrite, galena and sphalerite, composing the Cu-Co-As-Zn-Pb element assemblage. A comprehensive analysis reveals that there were two mineralization events in the Baiyangping ore district, one responsible for the main copper mineralization between late Paleocene and early Eocene, the other for main lead and zinc polymetallic mineralization in late Eocene-early Oligocene period. The lead and zinc ore-forming fluids activated early copper element and formed the Pb-Zn-Cu polymetallic assemblage in Fulongchang and Baiyangping ore blocks. The mineralization probably occurred at the stage of short-term stress relaxation after strong extrusion when the wall rocks supplied open space, and ore-forming fluids poured into the space to form ore deposit.