The source of fluids and mechanism of metal precipitation in sediment-hosted, disseminated orogenic gold deposits are ambiguous. Pyrite texture, trace element, S, Pb and HeAr isotope compositions of sulfides and CO isotope data of calcite from Chang'an orogenic gold deposit in the Ailaoshan orogenic belt, SW China, were studied to provide a new genetic model for the sediment-hosted orogenic gold deposit, and furthering knowledge of the source of fluids and their mechanism of metal precipitation. Orebodies at Chang'an are mainly hosted by Ordovician turbidite with minor in Oligocene syenite. Two stages of mineralization have been identified in the deposit: stage I disseminated quartz-arsenopyrite-pyrite, and stage II veined quartz-calcitepolymetallic sulfides. Five generations of pyrite have been identified in turbidite: preore syn-sedimentary pyrite, pyI-1 and pyI-2 in stage I, and pyII-1 and pyII-2 in stage II, and an unzoned pyrite population developed in syenite. PyI-1 commonly overgrows synsedimentary pyrite with irregular boundaries and contains arsenopyrite, galena, chalcopyrite and electrum inclusions along the boundaries. PyI-1 is overgrown by thin and inclusion-free pyI-2, and crosscut by pyII-1, which is rimmed by pyII-2. The syn-sedimentary pyrite is distributed parallel to the sedimentary bedding and contains As (620.8 ppm), Pb (61.6 ppm), Ni (59.8 ppm), Mo (54.4 ppm), Co (23.4 ppm), and Cu (13.0 ppm) with low Au content of 0.06 ppm. This pyrite has δ 34 S values of-18.1 to +30.4 ‰ and high radiogenic Pb isotope ratios (average 206 Pb/ 204 Pb, 207 Pb/ 204 Pb and 208 Pb/ 204 Pb of 19.05, 15.86 and 39.87, respectively). PyI-1 and coexisting arsenopyrite are enriched in invisible Au (up to 227.1 ppm and 353.3 ppm, respectively), This is the peer-reviewed, final accepted version for American Mineralogist, published by the Mineralogical Society of America. The published version is subject to change. Cite as Authors (Year) Title. American Mineralogist, in press.