Abstract: The Wagang area is located on the border of southwestern Sichuan and northeastern Yunnan, belonging to Wumeng Mountain, which is the famous core area of the Yangtze platform, as well as an important phosphorus metallogenic belt in China with good prospecting potential. Based on the 1:50000 stream sediment survey in the Wagang area, this paper described geochemical characteristics of 11 elements such as Pb, Zn, Ag, Cd, P, et al. Cluster analysis and factor analysis were utilized to determine the combined anomalies and the comprehensive anomalies. The results show that: there are many highly dispersive abnormal high value points of phosphorus, lead and zinc elements in the Wagang area. The abnormal high values are well matched with the ore bearing strata, and have great mineralization potential. The main type of minerals is sedimentary phosphorus ore, coupling with lead-zinc and antimony ores. Phosphorite is mainly occurred in the middle Yicun section of the Aurignacian-Cambrian Yuhucun Formation, while lead-zinc ores are developed in the upper part of the Yuhucun Formation. Combined with elements assemblages, abnormal characteristics and the ore-forming geological settings, the authors delineated 6 geochemical anomalies, which can provide important evidences for further prospecting.