In the northwestern margin of the Youjiang basin (NWYB) in SW China, many Carlin-like gold deposits are highly antimony (Sb)-rich, and many vein-type Sb deposits contain much Au. These deposits have similar ages, host rocks, ore-forming temperatures, ore-related alterations and ore mineral assemblages, but the Au and Sb metallogenic relations and their ore-forming process remain enigmatic. Here we investigate the large Qinglong Sb deposit in the NWYB, which has extensive sub-economic Au mineralization, and present a new metallogenic model based on in-situ trace elements (EPMA and LA-ICP-MS) and sulfur isotopes (NanoSIMS and fs-LA-MC-ICP-MS) of the ore sulfides. At Qinglong, economic Sb ores contain coarse-grained stibnite, jasperoid quartz and fluorite, whilst the sub-economic Au–Sb ores comprise dominantly veined quartz, arsenian pyrite and fine-grained stibnite. Three generations of ore-related pyrite (Py1, Py2 and Py3) and two generations of stibnite (Stb1 and Stb2) are identified based on their texture, chemistry, and sulfur isotopes. The pre-ore Py1 is characterized by the lower ore element (Au, As, Sb, Cu and Ag) contents (mostly below the LA-ICP-MS detection limit) and Co/Ni ratios (average 0.31) than the ore-stage pyrites (Py2 and Py3), implying a sedimentary/diagenetic origin. The Py2 and Py3 have elevated ore element abundance (maximum As = 6500 ppm, Au = 22 ppm, Sb = 6300 ppm, Cu = 951 ppm, Ag = 77 ppm) and Co/Ni ratios (average 1.84), and have positive As vs. Au–Sb–Cu–Ag correlations. Early-ore Stb1 has lower As (0.12–0.30 wt.%) than late-ore Stb2 (0.91–1.20 wt.%). These features show that the progressive As enrichment in ore sulfides is accompanied by increasing Au, Sb, Cu and Ag with the hydrothermal evolution, thereby making As a good proxy for Au. As-rich, As-poor and As-free zones are identified via NanoSIMS mapping of the Au-bearing pyrite. The As-rich zones in the Qinglong Au-bearing pyrites (Py2 and Py3) and ore stibnites (Stb1 and Stb2) have narrow δ34SH2S ranges (−8.9‰ to +4.1‰, average −3.1‰) and −2.9‰ to +6.9‰, average + 1.3‰), respectively, indicating that the Au-rich and Sb-rich fluids may have had the same sulfur source. Published in-situ sulfur isotopic data of pyrite As-rich zones from other Carlin-like Au deposits (Shuiyindong, Taipingdong, Nayang, Getang and Lianhuashan) in the NWYB have similar ore-fluid δSH2S34 values (−4.5‰ to +6.7‰, average −0.6‰) to those of Qinglong. Therefore, we infer that the sulfur of both Au and Sb mineralization was derived from the same magmatic-related source (0 ± 5‰) in the NWYB.Moreover, the core of pyrites (Py1) has variable S isotope fractionation (−18.9‰ to +18.1‰, mostly +3‰ to +12‰), suggesting that the higher-34S H2S was produced by bacterial sulfate reduction (BSR). The hydrothermal pyrite (Py2 and Py3) δ34S values gradually decrease with increasing As concentrations, and ultimately, within the restricted range (−5‰ to +5‰) in As-rich zones. This variation implies that the As-rich pyrite was formed through ongoing interactions of the magmatic-hydrothermal fluid with pre-existing sedimentary pyrites, causing the progressive decreasing δ34S values with As content increase, Hence, the fluid/mineral interaction may have generated the observed variation in δ34S and As contents. Overall, comparing the Au and Sb deposits in the NWYB, we favor a magmatic-related source for the Au–Sb–As-rich fluids, but the Au- and Sb-ore fluids were likely evolved at separate stages in the ore-forming system.