The Early Cretaceous Weideshan granites are associated with large-scale Au and polymetallic Cu-Mo-Pb-Zn mineralization. To investigate the petrogenesis of the Weideshan granite and constrain its tectonic setting during the Early Cretaceous, we conducted a zircon U-Pb-Hf isotope and whole-rock geochemical and Sr-Nd isotopic study of the granite. In situ zircon U-Pb dating of three granite samples yielded Early Cretaceous ages of 112.83 ± 0.80, 112.64 ± 0.91, and 111.82 ± 0.78 Ma. The samples had high-K calc-alkaline compositions and were enriched in the light rare earth and large-ion lithophile elements (e.g., K, Rb, Ba, Th, and U) and depleted in high-field-strength elements (e.g., Nb, Ti, and P). The samples had small negative Eu anomalies and initial 87Sr/86Sr and εNd(t) values of 0.70853–0.71029 and –18 to –14, respectively. The zircon εHf(t) values varied between −16 and −12, with corresponding two-stage model ages (tDM2) of 2180–2000 Ma. These characteristics indicated that the Weideshan pluton was formed in a back-arc extensional environment caused by subduction of the Paleo-Pacific Plate toward the Asian continent during the early Cretaceous. The magma was generated by crust–mantle interaction during lithospheric thinning. The diagenetic age of the Weideshan granites was the same as the formation age of gold and polymetallic ores in the Jiaodong area. The extensive fluid circulation induced by the magma emplacement may be the main source of ore-forming materials for the gold and polymetallic Cu-Mo-Pb-Zn deposits.