In recent years, significant progress has been made in the deep exploration of the Xiangkuang Pb-Zn-Cu (Mo) polymetallic deposit, making the genesis and prospecting direction of skarn-porphyry Pb-Zn-Cu (Mo) polymetallic deposits in the Jiaodong region a hot topic in scientific research and geological exploration. Based on the analysis of ore deposit, sulfur-lead isotopes, and fluid inclusions, this study analyzed the relationship between geological-geochemical characteristics and mineralization, revealed the source of ore-forming materials and the evolution characteristics of ore-forming fluids in the Xiangkuang deposit, and proposed the direction of deep copper-molybdenum prospecting and resource potential. The results show that the orebody I is parallel in space to the newly discovered porphyry-type orebody M beneath it. The rock lead isotopic ratios of the copper orebodies I and M are as follows: 206Pb/204Pb ranges from 17.260 to 17.734, 207Pb/204Pb ranges from 15.501 to 15.554, and 208Pb/204Pb ranges from 37.988 to 38.289. The δ34S of pyrite within copper orebodies I and M ranges from 1.6‰ to 2.9‰. The fluid inclusions in quartz from orebodies I and M are predominantly gas-liquid two-phase aqueous solution inclusions. In the upper orebody I, the homogenization temperature range of fluid inclusions in pyrite-bearing quartz veins varies between 193.8~371.5°C, with salinity (expressed as wt%NaCleqv) ranging from 6.74% to 16.80%. In the lower orebody M, the homogenization temperature of fluid inclusions in pyrite-bearing, chalcopyrite-bearing quartz veins, quartz veins, and single quartz grains is 138.8~348.7°C, with salinity ranging from 1.74% to 18.22%. Both salinity and temperature increase progressively with depth. The study suggests that the source of ore-forming materials exhibits crust-mantle mixed characteristics, and copper-molybdenum and other polymetallic metals generally originate from magmatic evolution, with a trend towards porphyry-type mineralization in the deep part. The average salinity of fluid inclusions indicates that the fluid evolution is between the porphyry stage and the skarn stage, and the highest fluid inclusion temperature is lower than the main mineralization temperature of porphyry molybdenum deposits, indicating that there is still significant resource potential in the deep part.