In this study, mineralogical and elemental geochemical characteristics of massive sulfide samples collected from the Jade hydrothermal field, located in the Izena depression in the central graben of the Okinawa Trough, were analyzed by means of optical microscopy, scanning electron microscopy, and electron probe microanalysis (EPMA). The results show that the mineralization in the Jade hydrothermal field can be divided into Zn-Cu-Pb-rich massive sulfides and Zn-Fe-rich massive sulfides. The former is composed of sphalerite, galena, chalcopyrite, pyrite, and anglesite, which is the product of the low-temperature alteration of galena. The latter is mainly composed of sphalerite, pyrite, marcasite, and traces of galena. Cu and Zn in pyrite may exist in the form of microinclusions, while Ag and Pb may exist in pyrite in the form of fine galena inclusions containing Ag. Fe and Cu may enter sphalerite in the form of ion replacement. Zn may enter chalcopyrite in the form of ion replacement. Consistent with the previous understanding, the metal elements in the hydrothermal liquid system in the Jade hydrothermal field mostly migrated as sulfur complexes, and when the hydrothermal fluid mixes with seawater, the physical and chemical conditions of the fluid change, resulting in sulfide mineral precipitation. However, the chemical structure of chalcopyrite is still controversial, which restricts the understanding of the substitution mechanism of trace elements during chalcopyrite precipitation.