Abstract: The Naran Tolgoi Gold Deposit is located in the North Kent gold metallogenic belt， the most important gold belt in Mongolia. The ore bodies are hosted in the Lower Cambrian-Upper Ordovician metamorphic sandstone， and occur as vein， vein-like and lenticular type. The alterations are mainly composed of silicification， chloritization， kaolinization and sericitization， in which the silicification is closely associated with gold mineralization. According to assemblage and formation sequence of ore minerals， the ore-forming stages are subdivided into 3 stages： quartz-arsenopyrite-pyrite stage， quartz-gold-poly metallic sulfide stage and carbonate stage. Preliminary analysis holds that the Naran Tolgoi Gold Deposit is a hypabyssal medium-low temperature hydrothermal gold deposit controlled by NE-trending fault.