The northeastern Hunan Province hosts numerous hydrothermal Pb-Zn(-Cu-Co) polymetallic deposits. As a representative example, the Jingchong Cu-Co-Pb-Zn deposit is characterized by the lower Cu-Co and upper Pb-Zn mineralization, whereas little is known about Pb-Zn mineralization. In this study, three generations of sphalerite were identified based on their textural and geochemical differences. The Sph-I exhibits the oscillatory zoning that consists of reddish-brown Sph-Ia (poor in chalcopyrite inclusion) alternating with dark Sph-Ib with zoned chalcopyrite inclusion. Sph-II is composed of honey-brown Sph-IIa (abundant chalcopyrite droplets) and white clean Sph-IIb (rare chalcopyrite inclusion). The black Sph-III is characterized by nano- to submicron-sized chalcopyrite inclusions with typical “dusting” or “watermelon” texture and crosscuts all other sphalerite generations in veinlets. The electron microprobe and laser ablation inductively coupled plasma mass spectrometry show that Sph-I has higher Fe and Mn contents, but lower Cd, Cu and Ag contents than Sph-II and Sph-III. Sphalerite geothermometry yields temperatures of 334–346 (±58)°C for Sph-I, 254–289 (±60)°C for Sph-II and 286 (±55) °C for Sph-III. The sulfur fugacity ranges from logfS2 values of −9.03 to −8.26 for Sph-I to −11.77 to −10.63 for Sph-II and −10.82 for Sph-III. The combined textural features and chemical compositions indicate that the self-organized mechanism forms Sph-I, and that the coupled dissolution and precipitation reactions triggered by the influx of Cu-elevated fluids are responsible for the formation of Sph-II and Sph-III. The associated pyrite and pyrrhotite inclusions in sphalerite are produced by the exsolution mechanism, while chalcopyrite inclusions are formed by co-precipitation due to local supersaturation at the interface of sphalerite with fluid. The 40Ar-39Ar dating of muscovite in the Jingchong deposit yields a mineralizing age of ca. 121.1 ± 2 Ma, consistent with the ca. 130–120 Ma Pb-Zn mineralizing events in the northeastern Hunan Province. The sulfur isotopic values (−3.0 to +3.5‰) of the Pb-Zn ores are similar to that of Cu-Co ores, indicating a magmatic sulfur origin. Together with the trace element affinity of sphalerite with magmatic-hydrothermal origin, it was proposed that the Jingchong Pb-Zn and Cu-Co mineralization were formed in the same magmatic-hydrothermal system. The placement of Pb-Zn orebodies at the upward zoning of Cu-Co orebodies could be attributed to the higher solubilities of Pb and Zn chloride complexes in hydrothermal fluids, relative to Cu chloride complex.