The Luxi district presents an exceptional research area for the investigation of the significant role played by magma exsolution fluids in the mineralization process of Au–Cu deposits. A particularly noteworthy occurrence within this region is the Yi’nan Tongjing Au–Cu skarn deposit, situated in the central-southern part of the Luxi district. This deposit primarily occurs in the contact zone between the early Cretaceous Tongjing complex and the Proterozoic to Cambrian sequences. The ore formation process observed in this deposit can be categorized into three distinct stages: (I) thermal metamorphism, (II) prograde alteration, and (III) retrograde alteration. The retrograde alteration stage is further divided into four sub-stages: late skarn (III-1), oxide (III-2), sulfide (III-3), and late quartz-calcite (III-4). It is primarily during the III-3 sub-stage that gold mineralization occurs. Petrographic analysis has identified three types of fluid inclusions (FIs) within garnet, quartz, and calcite grains. These include liquid-rich two-phase aqueous FIs, vapor-rich two-phase aqueous FIs, and halite-bearing multi-phase FIs. The homogenization temperatures of fluid inclusions from stages II, III-3, and III-4 range between 430–457 °C, 341–406 °C, and 166–215 °C (first to third quartiles), respectively. The garnet samples from stage II exhibit hydrogen and oxygen isotope compositions (δ18
= 6.8‰ and δD = −73‰) that are indicative of a typical magma source. However, the hydrogen and oxygen isotopes of sub-stages III-1, III-2, and III-3 (δ18
= 7.32‰ to 9.74‰; δD = −107‰ to −81.9‰) fall below the magma water box while the hydrogen and oxygen isotope values of III-4 (δ18
= −5.3‰ to −0.9‰ and δD = −103.8‰ to −67‰) tend to move towards the meteoric water line. Furthermore, the ore-forming fluid displays characteristics of a mixture between the crustal and mantle fluids. The Tongjing complex occurred along a weakened fault zone, initiating a process of thermal metamorphism upon contact with the wall rock. This thermal metamorphism resulted in the formation of diverse assemblages, including hornfels, reaction skarns, and skarnoids. Subsequently, the upward movement of ore-forming fluids triggered exsolution which led to the establishment of a high-temperature, medium-salinity NaCl–H2
O system with a single phase at depths ranging from 1–3 km. This marked the formation of the prograde alteration stage. Afterward, the ore-forming fluid underwent water–rock interactions and the admixture of meteoric water at a depth of 1–2 km. These processes facilitated phase separation, commonly referred to as boiling, resulting in the transformation of the ore-forming fluid into higher salinity fluids and lower-density gases. This evolutionary transition ultimately induced the precipitation and liberation of gold and copper from the fluid.