The Laoyingqing zinc deposit is located in the Pb-Zn deposit concentration district in northeastern Yunnan, with a geotectonic location on the southwestern edge of the Yangtze block. This deposit occurs in the interlayer fracture zone of the Huangcaoling Formation slate in the Middle Proterozoic Kunyang Group. In this deposit, zinc is significantly enriched compared to lead, and the sulfur isotopic composition of sphalerite shows δ34SCDT close to negative values. These characteristics are different from the common Pb-Zn deposits that occur in Sinian and Carboniferous carbonate rocks in northeastern Yunnan. The genesis of this deposit and its similarities to and differences from other Pb-Zn deposits hosted in carbonate rocks in the Sichuan–Yunnan–Guizhou Pb-Zn metallogenic triangle area (SYGT) need further research. This article selects typical rock (ore) samples for fluid inclusion, trace element, and H–O isotope analyses. The results show that (1) the homogenization temperature of the fluid inclusions is 130~306.5 °C, the salinity is 7.17 wt%~20.67 wt% NaCleq, and the density of the ore-forming fluids is 0.86–1.07 g/cm3. Overall, these ore-forming fluids belong to medium–low-temperature, medium–low-salinity, and medium–low-density ore-forming fluids, and they have reducibility. The fluid pressure is 36.3~85.6 Mpa, and the mineralization depth is 1.34~3.17 km. (2) The ore-forming fluids mainly came from deep-source metamorphic water and basin brine containing organic matter. (3) The ore-forming materials mainly came from the surrounding rocks (Kunyang Group). (4) The trace element characteristics of this deposit are different from sedimentary-exhalative type, magmatic hydrothermal type, and skarn type of Pb-Zn deposits, and have little difference from MVT Pb-Zn deposits. Based on the comprehensive analysis, this deposit is classified as a medium–low-temperature hydrothermal vein-type zinc deposit unrelated to magmatic activity. This study extends the ore-bearing surrounding rocks of Pb-Zn deposits in the SYGT to the slate of the Kunyang Group, enriching the regional Pb-Zn deposit mineralization theory and providing new ideas for mineralization prediction.