Located in the southern margin of the North China Craton, the Yangzhaiyu gold deposit in Henan Province is one of numerous lode gold deposits in Xiaoqinling region. The ore-forming process can be divided into four stages, i.e., Ⅰpyrite-quartz vein stage, Ⅱ quartz-pyrite stage, Ⅲ quartz-polymetallic sulfides stage, and Ⅳ quartz-carbonate stage. Researches based on petrography, fluid inclusion tests and Laser Raman spectroscopic analysis suggest that ore-forming fluids are mainly composed of CO2-H2O-NaCl±CH4. There is an immiscible process in the fluid system. The homogenization temperatures of ore-forming fluids from stageⅠto stage Ⅳ are 307.0~406.8℃,270.3~319.6℃,225.4~272.1℃ and 166.3~226.3℃ respectively, with the corresponding average salinities being 7.25% NaCleqv,7.14% NaCleqv,8.97% NaCleqv and 6.39% NaCleqv. The trapping pressures of fluid inclusions are estimated to be 120~178 MPa, 85~140 MPa, 75~130 MPa and 60~122 MPa for each stage. Fluid immiscibility must have played an important role in ore genesis. The cause of fluid immiscibility might have been related to tectonic decompressing.