The Pulang super-large porphyry Cu polymetallic deposit, located in the Sanjiang area of Yunnan Province, is one of the largest Cu deposits in China. This deposit hosts Cu resources of ~5 × 106 t and other ore-forming elements, such as Mo, Au, Ag, Pb, Zn, Pt and Pd. Recently, obvious hydrothermal vein-type Pb–Zn mineralization, with a Pb + Zn resource of ~0.4 × 106 t, has been detected in the North Ore Section of the deposit. However, the genesis of these Pb–Zn ore bodies, especially their relationship to the major Cu ore bodies in the South Ore Section, remains controversial. We conducted geologic description, fluid inclusion petrography and microthermometry, and C, H, O and S isotope studies to uncover the genesis of Pb–Zn vein-type mineralization in North Pulang. As a result, three types of Pb–Zn veins were identified: a quartz–pyrrhotite–chalcopyrite–sphalerite–galena vein, a quartz–pyrrhotite–sphalerite–galena vein, and a calcite–quartz–pyrrhotite–galena vein. All fluid inclusions in the quartz from different veins are liquid-rich inclusions, with homogenization temperatures in the range of 184 °C–235 °C and salinities between 10.4 wt.% and 17.8 wt.% NaCl eq., indicating that the Pb–Zn ore-forming fluid was a single-phase fluid with a low temperature and low-to-medium salinity. Hydrothermal quartz in different stages displays δDwater values ranging from −46.9‰ to −120.0‰ (V-SMOW), and the calculated δ18Owater values range from 2.4‰ to 4.3‰ (V-SMOW), implying that the mineralization fluids likely originated from magma, with a minor involvement of meteoric water. The δ13CCal values (−2.3‰ to −7.9‰ V-PDB) of calcite indicate that C likely originated from a deep-seated source. The δ34S values of chalcopyrite, pyrite, pyrrhotite and sphalerite reveal that S was possibly derived from magmatic rocks. Based on the above data, it is suggested that the Pb–Zn mineralization in North Pulang was the result of the northward migration of ore-forming fluids that originated from South Pulang along the NE-trending structural fractures. A strong water–rock interaction occurred during the migration process. However, the involvement of meteoric water and accompanied cooling of fluids were most likely responsible for the precipitation of galena and sphalerite.