The Sichuan-Yunnan-Guizhou (SYG) Pb-Zn metallogenic province located in western Yangtze Block contains more than 400 carbonate-hosted Pb-Zn deposits. Uncertain mineralization age and ore-forming material source causing debates on the genesis of these carbonate-hosted Pb-Zn deposits. To address this issue, the Daxiao Pb-Zn deposit was chosen as a case study. The orebodies of Daxiao deposit are hosted in Mesoproterozoic Heishan formation argillaceous dolomite interbedded with slate. Three main mineralization stages have been identified, including syn-sedimentary stage, hydrothermal stage and supergene stage. The ore minerals consist of galena, sphalerite, chalcopyrite, argentite, smithsonite, anglesite and cerussite in the deposit. The early hydrothermal stage sphalerite yielded a Rb-Sr isochron age of 223.5 ± 2.9 Ma, consistent with the spike of Pb-Zn mineralization in SYG metallogenic province. Quartz in hydrothermal stage yields δDSMOW values of −69.6 to −65.8 ‰ and calculated δ18OFluid values of + 3.4 – +5.6 ‰, showing an affinity of metamorphic water. While the quartz in supergene stage yields δDSMOW values of −68.3 to −65.8 ‰ and calculated δ18OFluid values of −4.1 to −1.7 ‰, indicating abundant basinal brine or meteoric water had mixed into ore-forming fluid during its evolution from hydrothermal stage to supergene stage. Sulfur isotopic composition (δ34S = +6.3 – +19.1 ‰) of different stage sulfides reveal that the ore-forming sulfur originated from sulfates within the wall rocks, and mainly reduced by Thermal-chemical reduction (TSR). Moreover, the 206Pb/204Pb, 207Pb/204Pb and 208Pb/204Pb ratios of early hydrothermal stage sphalerite are 18.282 – 18.312, 15.603 – 15.681and 38.287 – 38.311, respectively. Those of late hydrothermal stage galena are 18.315 – 18.491, 15.676 – 15.721 and 38.314 – 38.326, respectively. All of them plot in the overlapping area of Emeishan flood basalts, Kunyang and Huili groups and Sinian to Triassic strata, indicating that these wall rocks jointly contributed the ore-forming metals for these Pb-Zn deposits in SYG metallogenic province. Hence, a metallogenic model for Daxiao and other carbonate-hosted Pb-Zn deposit in SYG metallogenic province was proposed: In the thrustfold systems caused by the subduction of Paleo-Pacific and the closure of Jinshajiang-Ailaoshan Paleo-Tethys ocean in Late Triassic to Early Jurassic. The fluids originated from metamorphic water migrated along deep faults and extracted ore-forming materials from wall rocks (including Proterozoic basement rocks, Sinian to Triassic sedimentary wall rocks and Permian Emeishan flood basalts), and then precipitated ores in the secondary thrust faults or interlayered fractures within these thrustfold systems.