The Altay orogenic belt of China is an important metallogenic belt of base metals, rare metals and gold. The main orogenic-metallogenic epoch is the Hercynian (Late Palaeozoic). Hercynian orogeny underwent two tectonic stages: the early volcano-passive continental margin extension (D1- D2) and late subduction-collision (D3- P). There correspondingly developed two different metallogenic systems. One is the stratabound massive sulphide and iron metallogenic system related to volcano-passive continental margin, and the other is the epigenetic gold and granite-associated rare metals system formed by collision. Very few mineralizations were formed during the subduction time.