Pyrite is a good carrier to provide gold within a hydrothermal mineralization system. Under prograde metamorphism, recrystallization of sedimentary and diagenetic pyrite and transformation of pyrite into pyrrhotite in a metamorphic terrane lead to the release of trace elements from the pyrite carrier into an upward migrating liquid phase carrier. In this case study, we report the in situ trace element and δ34S compositions of the pyrite from four different stages, which chronologically comprise sedimentary Py1, diagenetic Py2, metamorphic Py3a, Py3b and hydrothermal Py4a, Py4b, Py5, and the dominant sulfides from the hydrothermal stage at Shangxu, an Early Cretaceous turbidite-hosted orogenic gold deposit in the middle Bangong–Nujiang suture belt (BNSB) in central Tibet, in order to decipher the ore-forming material source and the metallogenesis of the Mesozoic orogenic gold mineralization in the BNSB. Concentrations of trace elements, i.e., Au, Co, Cu, Zn, Mo, Ag, Sb, Te, Hg, Tl, Pb and Bi, that are easy to dissolve during pyrite recrystallization, show a general progressive decline from Py1 to Py4b (excepting in Py3b and Py4a, which have a sudden rise in trace element composition) and a plunge in Py5, indicating that Py1 and Py2 supply the parent source minerals for mineralization, and that the main ore-forming stage are contemporary with the deposition of Py3b and Py4a, ending up with the precipitation of Py5. The δ34S values of pyrite narrow from −46.7 ‰–19.3 ‰ (Py1, Py2), through −7.6 ‰–0.2 ‰ (Py3a, Py3b), to − 3.6 ‰–5.7 ‰ (Py4a, Py4b) and −7.7 ‰–5.6 ‰ (Cp, Gn), indicating that a probable coeval seawater sulfate sulfur source for Py1 and Py2 (by bacterial sulfate reduction), and an inherited sulfur source from Py1 and Py2 for Py3 and Py4. We highlight that contributions from the magmatic materials to the hydrothermal gold mineralization are limited at Shangxu, and the widely distributed Lower–Middle Jurassic pyrite-rich turbidite of the Mugagangri Group is a highly potential primary source rock for the regional gold mineralization.