The Yongxin tellurium-gold (Te-Au) deposit, a large epithermal deposit in the Duobaoshan polymetallic metallogenic belt (DPMB) within eastern section of the Central Asian Orogenic Belt (CAOB), is mainly hosted by syenogranite and mylonite. However, the Te-Au occurrence, precipitation mechanism and genesis in this deposit remain elusive. In this study, pyrite, the primary host of Te-Au mineralization, was studied utilizing multiparametric techniques such as scanning electron microscope (SEM), electron probe microanalysis (EPMA), in-situ laser ablation-inductively coupled plasma mass spectrometry (LA-ICP-MS) and femtosecond laser ablation coupled multi-collector inductively coupled plasma mass spectrometry (fs LA-MC-ICP-MS). The results show that there are three generations of pyrite termed here as Py1, Py2 and Py3. The coarse euhedral Py1 and fine vein Py2 contain negligible to low contents of Te and Au, whereas the anhedral aggregated Py3 with porosity and grain boundary (GB) shows the highest concentrations of Te and Au. Representative LA-ICP-MS profiles show that Te-Au occurs either as solid solution in the Py1 and Py2 or submicroscopic Au-Ag-Te-Bi inclusions, electrum and native gold in Py3. Thermodynamic data of telluride and sulfide show that the Te-Au was deposited under relatively oxidizing conditions with values of log f Te2 ranging from −15.2 to −11.2 and log f S2 from −16.7 to −12.1. at 200 °C. We infer that fluid mixing and fluid-rock interaction were the dominant mechanisms that triggered the precipitation of Te-Au in the Yongxin Te-Au deposit. Geochemical and geochronological data indicate that the likely source of Te is Te-rich oceanic sediments originating from the Western Pacific Plate. Pyrite and telluride from the gold deposits can be potential targets for Te exploration in the DPMB.