The Pingbian sedimentary vanadium polymetallic deposit is located in Wantang-Baiheqiao area, Pingbian County, Yunnan Province. It is a new type of vanadium ore deposit found in recent years in Yunnan. Through field investigation, rock mineral identification and geochemical soil survey, the authors consider that it is a deposit mainly controlled by stratigraphic lithology characterized by relatively stable ore-bearing strata and lithology. The orebody mainly occurs in carbonaceous silty argillaceous slate and black carbon-bearing silty calcareous argillaceous slate of lower 2nd member of Paleozoic Lanmuqiao Formation. Orebodies are stratiform or stratoid in form and are characterized by low-medium grade and large size, associated with Ag and other useful components. V, Ag, Mo, U and other metallogenic elements are fairly rich in the ore-bearing strata, in which V anomalies with high intensity and large scale form several concentration centers and have huge prospecting potential. R type cluster analysis shows that V, U, Mo are concentrated in a class and Cu, Ag in another class. V, U, Mo are the element combinations of deposition and Cu, Ag are the lower-medium temperature hydrothermal elements. This deposit might have experienced superimposition of Ag mineralization due to the influence of later hydrothermal activity. V-U-Mo combined anomalies are distributed in beaded cluster in NW-SE direction, consistent on the whole with the distribution and the exposed range of the Lanmuqiao Formation. V-U-Mo combined anomaly can be regarded as the geochemical prospecting indicator of the ore deposit.