The Baiyun deposit is a large gold deposit at the western end of the Liaoji rift zone in Liaoning Province, which has produced both auriferous quartz-vein type and altered-rock type mineralization. The ore bodies are mainly hosted in schist from the Gaixian Formation of the Liaohe Group. A detailed field geological survey showed that the quartz-vein type gold ore bodies are distributed in the near EW-trending and occur in the extensional tectonic space of schist in the Gaixian Formation, and the altered-rock type gold ore bodies are distributed in the near EW-trending structural belt and occur near in the Gaixian Formation of biotite schist, biotite granulite, marble and the upper footwall of dike. To further elucidate the source of ore-forming fluid and material in the Baiyun gold deposit, the H-O isotopes for quartz, S and Pb isotopes, in-situ trace elements for sulfides from quartz-vein and altered-rock type mineralization were studied. The H-O isotopic delta DV-SMOW and delta O-18(H2O) values of the auriferous quartz range were from -88.8 parts per thousand to -82.2 parts per thousand and -1.95 parts per thousand to 4.85 parts per thousand, respectively, suggests that the ore-forming fluids were mainly magmatic water with minor meteoric water. The distribution ranges of in-situ S isotopic compositions of Au-bearing pyrite in the quartz-vein type and altered-rock type ores were -8.38 parts per thousand--10.47 parts per thousand (with average values of -7.89 parts per thousand) and 11.38 parts per thousand-17.52 parts per thousand (with average values of 11.55 parts per thousand), respectively, indicating that the S isotopic compositions of the two ore types were clearly different. The in-situ Pb isotopic ratios changed almost uniformly, which showed that they had the same lead isotopic source. Based on the analysis of S and Pb isotopic compositions, the metallogenic materials in the Baiyun gold deposit were primarily from deep magma, and some wall rock materials may have been mixed in the metallogenic process. Co/Ni diagram shows that most Au-bearing pyrites have magmatic-hydrothermal or sedimentary alteration properties, and Au/As ratios were between 0.001 and 0.828 (the average value was 0.07), indicating that the ore-forming fluid in the Baiyun gold deposit may have been deep magma. Combining the geological, trace element, and isotopic data, as well as data from previous studies, we propose that the Baiyun gold deposit is a magmatic-hydrothermal ore deposit.