X-ray fluorescence spectroscopy (XRF) and Raman spectroscopy analysis were performed to examine a 17th century painted silk banner in order to characterize the pigments and materials used. This complementary approach yields information on the elemental (XRF) and on the molecular composition (Raman) of the used compounds. The paint layer, ground layer under gilding, and gilding layer were investigated. For the studied object, vermilion (HgS), lead white (2PbCO 3 · Pb(OH) 2 ), red lead (Pb 3 O 4 ), and aurichalcite ((Cu,Zn) 5 (CO 3 ) 2 (OH) 6 ) were found. The presence of silver and gold foils was confirmed. The techniques used in the analysis were portable, non-destructive, and non-invasive, which is very desirable when analyzing cultural heritage objects. The obtained results were used by the conservators to develop a showcase prototype for safe exhibition.