The Huangchengshan silver deposit occurs in pyroclastic rock of Huangchengshan Formation and its basement.An integrated study of characteristics of ore geology,trace elements,isotopes and fluid inclusions shows that the ore-forming materials of the ore deposit were mainly indirectly derived from the pyroclastic rock of Huangchengshan Formation formed by volcanic eruption,and that the metallogenic media were dominated by meteoric water.Therefore,the deposit is of the shallow-seated volcanic hydrothermal type.It is held that silver mainly migrated in the form of [Ag(S₂O₃)₂]^3- complex under the shallow alkaline environment,and that geothermal fluid and its circulation and alteration action led to the formation of a series of mineral resources such as silver deposits and bentonite deposits.A metallogenic model of the ore deposits has been set up in this paper.