The Tiegelongnan deposit in central Tibet presents a typical high‐sulfidation porphyry Cu (Au) mineralization system. Optical microscopy, scanning electron microscopy–energy dispersive spectrometry (SEM–EDS), and laser ablation inductively coupled plasma mass spectrometry (LA–ICPMS) were used to understand the mineralization processes. The advanced argillic alteration zone directly contacts the phyllic alteration zone, which is linked to the Early Cretaceous porphyritic intrusions. In this study, the spatial distributions of chief copper sulphides with variable gangue minerals are illustrated. The deep inner phyllic zone typically produced an end‐member assemblage of chalcopyrite–sericite (±dolomite), which trended upwards to produce more bornite–sericite (±siderite ± magnesite), and subsequently, the advanced argillic alteration yielded the representative end‐member assemblage of tennantite–alunite ± (aluminium‐phosphate‐sulphate, namely, APS, ±kaolinite). In the phyllic–advanced argillic transition zone, intensive covellite precipitation with the widespread occurrence of sericite–kaolinite (±APS) assemblage is proposed as an important feature in this study, which is mainly produced on the southwest side of the ore‐body centre. The typical co‐occurrence of chalcopyrite with dolomite at great depths indicates that it was related to a gently acidic fluid containing CO2; however, the pervasive tennantite–alunite association present at shallower levels suggests that fluids with SO2 were mainly involved and produced stronger acidic conditions. Acidic fluids are demonstrated to highly accelerate water‐rock alteration. Trace element analyses of the copper sulphides reflect that Au concentrations of bornite and tennantite are higher than chalcopyrite and covellite and present small signal variations. Moreover, comparing the presence of micron‐sized Au‐telluride in tennantite under advanced argillic alteration with the nano‐sized native gold in bornite resulting from phyllic alteration suggests that to a certain extent, Au enrichment is affected by the shift of more Te contents in fluid towards shallower levels, which could promote Au precipitation. Additionally, the Se contents of the selected samples were typically concentrated in chalcopyrite, bornite, and covellite, which yielded contents an order of magnitude greater than those in tennantite, indicating the intimate hydrothermal origin of the first three sulphides. Overall, the sulphide–gangue mineral associations and their copper sulphide geochemistry indicate that the hypogene–chalcopyrite of low Au contents from the phyllic zone closely corresponds to the action of gentle acidic fluids with CO2, while more acidic fluids with SO2 are involved in the formation of supergene tennantite with relatively high values of Au and Te in the advanced argillic alteration.