The Bangbule skarn lead‐zinc (Pb‐Zn) deposit (>1 Mt Zn + Pb) is located in the western Nyainqentanglha polymetallic metallogenetic belt, central Tibet. Lenticular orebodies are all hosted in skarn and developed in the contact zone between the quartz porphyry and carbonate strata of the mid Paleozoic Middle to Upper Chaguoluoma Formation as well as in carbonate and sandstone beds of the Upper Paleozoic Laga Formation. As a newly discovered skarn deposit, the geological background and metallogenesis of this deposit remain poorly understood. Detailed petrological, geochemical and geochronological data of the ore‐related quartz porphyry, helps constrain the mineralization age and contributes to discussion on the ore genesis of the Bangbule deposit. Both endoskarn and exoskarn are identified in the Bangbule deposit. From quartz porphyry to carbonate formation, the exoskarn is zoned from proximal garnet skarn to distal pyroxene skarn. Zircon U‐Pb dating results show that the quartz porphyry formed at 73.9 ± 0.8 Ma. Geochemical analysis results show that the quartz porphyry has high contents of SiO2 (71.40–74.94 wt%) and K2O + Na2O (3.76–8.46 wt%) with A/CNK values of 0.69 to 1.06. Besides, the quartz porphyry is enriched in large ion lithophile elements (LILEs) and light rare earth elements (LREEs) and have low εNd(t) (from –8.25 to –8.19) and high initial (87Sr/86Sr)i values (0.713611–0.714478). Major, trace elements and whole‐rock F concentration analysis results from the endoskarn samples show higher TFe2O3, MgO, CaO, Pb + Zn, W, Sn, Mo and F etc., and lower alkalis (K2O, Na2O, Sr and Ba) than those of fresh quartz porphyry, indicating that the early ore‐forming fluids were an Ca‐Fe‐F‐enriched fluid. Massive ore in the proximal skarn might be related to the high F content in the magma, which lowered the solidus temperature of the quartz porphyry magma and caused a lower temperature of the ore‐forming fluids, as well as facilitating the precipitation of sphalerite and galena. Based on the geochemical characteristics presented in this study, we propose that the ore‐related quartz porphyry was formed by partial melting of crust materials with some juvenile crustal component input. The partial melting of the middle‐upper crust after the initial enrichment of lead and zinc elements are important for the formation of Pb‐Zn deposits. The case study of the Bangbule deposit has proven that there is still a crust‐derived magmatic source region in the western segment of the central Lhasa terrane. Therefore, there is still great potential for Pb‐Zn mineralization and Pb‐Zn exploration.