The Ershiyizhan Cu–Au deposit, located in the eastern part of the upper Heilongjiang metallogenic belt, north of the Great Xing'an Range, is composed of orebodies from the Mesozoic magmatic rocks and the Ershierzhan group. There are three metallogenic stages of this deposit, (1) Quartz-K-feldspar-polymetallic sulfide stage (stage Ⅰ), (2) quartz-polymetallic sulfide stage (stage II), and (3) quartz-calcite ± pyrite stage (stage Ⅲ). Three types of fluid inclusions (FIs) were discovered in the vein mineral assemblages, liquid-rich two-phase aqueous FIs (L-type), vapor-rich aqueous FIs (V-type), and multi-phase FIs (S-type) with daughter minerals, including S1-type inclusions homogenized through vapor disappearance and S2-type inclusions homogenized by halite dissolution. Quartz of stage I and stage II contains all of these FIs. In contrast, the L-type fluid inclusions of stage III veins are the only ones present in the calcite. The homogenization temperatures and salinities obtained from FIs in stages I, II, and III range from 330 to 563 °C, 223 to 423 °C, and 108 to 225 °C, and 0.88 to 66.18 wt%, 2.41 to 48.59 wt%, and 0.18 to 3.23 wt% NaCl equiv., respectively. δ18O and δD values obtained from stable isotope analyses of K-feldspar and quartz samples collected from stages I, II, and III range from −2.31 to 7.89 and −133.2 to −98.2, respectively. Microthermometry and H-O isotope data from FIs suggest that the ore-forming fluids of the deposit had a magmatic origin, characterized by high temperatures, low–high salinities, an H2O-NaCl fluid system and this fluid system evolved to a low temperature, low salinities fluid through the gradual combination of meteoric water from stages II to III. Trapping pressures estimated from boiling L-type, V-type, and S1-type fluid inclusions in stage Ⅰ were 100–500 bars, corresponding to a mineralization depth of 1.0 to 5.0 km, with fluid boiling and mixing likely being responsible for the precipitation of sulfides and gold. K-feldspar from an auriferous vein of stage I yielded an 40Ar/39Ar isotopic plateau age of 131.21 ± 0.52 Ma, suggesting that the mineralization of the deposit is closely associated with the Early Cretaceous quartz monzonite porphyry. The analysis of the S isotope of metal sulfides in this deposit demonstrate that the sulfur reservoir is primarily derived from a hybrid magma source consisting of both mantle-derived and crustal-derived materials. Lead radioactive isotopic analysis for metal sulfides and various wall rocks also implies the lead source is a mixed source of upper crust and mantle. Thus, S-Pb isotope studies indicate that a crust-mantle mixed source for the mineralization of the deposit, and ore-forming material may originate from both quartz monzonite porphyry and various surrounding rocks including Late Triassic-Early Jurassic monzogranite, granite, quartz syenite, and the Ershierzhan Formation. Considering the geology, geochronology, FI, and H-O-S-Pb isotopic characteristics, the Ershiyizhan Cu–Au deposit is classified as a porphyry deposit formed in an extensional environment due to the delamination of the thickened lower crust following the Mongolian-Okhotsk Ocean closure.