The Dahai Pb-Zn mining area is located in the northwestern Pb-Zn district in northeastern Yunnan Province in the Sichuan-Yunnan-Guizhou Pb-Zn metallogenic triangle (SYGT), east of the Xiaojiang fault. Numerous Pb-Zn deposits (spots) occur in clastic rocks in this area. In this study, the Maliping, Laoyingqing, and Jinniuchang Pb-Zn deposits, representative clastic rocks in the Dahai mining area, were selected as research objects. The results of H-O-S-Sr-Pb isotope analyses show that the three deposits mainly formed through the mixing of a basinal brine with a hydrothermal fluid derived from deep within the underlying (deformed) basement, and brines leached organic matter from wall rocks. The δ34S values range from −2.62–30.30‰. The S isotope results show two different sources of reduced S: one in the Laoyingqing deposit derived from the S reduction generated by the pyrolysis of sulfur-bearing organic matter in the carbonaceous slate of the Kunyang Group, and the second in the Maliping and Jinniuchang deposits derived from the S reduction generated by the thermochemical sulfur reduction (TSR) of seawater sulfate in the Lower Cambrian Yuhucun Formation and Sinian Dengying Formation. The Pb isotope results show that the Pb sources of the three deposits are derived from basement rocks (Kunyang Group) with a small portion derived from Devonian–Permian carbonate rocks and Dengying Formation dolomite, both of which have undergone homogenization during mineralization. The Sr content varied from 0.09629 to 0.2523 × 10−6, and the study shows that the main source of Sr is a mixture of ore-forming fluid flowing through basement rocks (Kunyang Group) and through sedimentary cover. However, most of the Sr in the Maliping deposit is derived from marine carbonate, and in the Laoyingqing deposit, it is provided by basement rocks (Kunyang Group). Based on a comparative study of the deposits, the Pb-Zn deposits in the clastic rocks of the Dahai mining area and the SYGT belong to the same metallogenic system and were formed under the same metallogenic geological background. Finally, a unified metallogenic model of the two types of fluid migration and mixed mineralization of the Pb-Zn deposit in clastic rocks of the Dahai mining area is proposed. The metallogenic model provides a basis for the study of the Pb-Zn metallogenic system and guidance for deep and peripheral prospecting in this area.