In order to study the characteristics of sea-floor exhalative sedimentary and magmatic hydrothermal superimposition on the Bainiuchang polymetallic deposit, the REE compositions of the granites, host-rocks and ores have been systematically analyzed by ICP-MS. As viewed from their REE compositions, the granites show obvious negative Eu anomalies and weak negative Ce anomalies. According to their REE characteristics, the host-rocks were derived partly from sea-floor exhalative sediments. In terms of their REE compositions, the ores can be divided into two groups: one group, of which the samples were collected from the Baiyang segment relatively far away from the Bozhushan granite batholith, possesses positive Eu anomalies or no Eu anomaly and negative Ce anomalies, indicating that ore-forming hydrothermal fluid was relatively reductive and its temperature was higher than 250°C. Furthermore, the coinstantaneous presence of positive Eu anomalies and negative Ce anomalies indicate that the convective mixing of a little amount of seawater with hydrothermal fluid had happened while ores were precipitated on ancient sea floor. The other group, of which the samples were mainly collected from the Chuanxindong and Duimenshan segments near the Bozhushan granite batholith, has similar chondrite-monalized REE distribution patterns to those of the magmatic rocks. But as a whole, the REE characteristics of both groups change gradually starting from the Bozhushan granite batholith. Based on the REE characteristics of the granites, host-rocks and ores, it is suggested that the ore-forming metals seem to have come from several different sources.