The Sichuan–Yunnan–Guizhou (SYG) Zn–Pb metallogenic zone in SW China contains >400 carbonatehosted hydrothermal Zn–Pb deposits. Some of these, such as the Huize, Tianbaoshan, and Daliangzi deposits, are super-large deposits with significant reserves of Cd, Ge, and Ag. However, the sources of these metals remain controversial. This study investigated the Cd isotopic geochemistry of the Huize deposit, the largest Zn–Pb deposit in the SYG area. Sphalerites formed at three stages in the deposit have different colors: black or dark brown (Stage I), red (Stage II), and light-yellow (Stage III). The d114/110Cd values of the sphalerites are in the order Stage III < Stage I < Stage II. Kinetic isotopic fractionation is likely the key factor causing the lower d114/110Cd values in the early formed Stage I sphalerites than in laterformed Stage II sphalerites, with cooling of ore-forming fluids being responsible for the still lower values of the Stage III sphalerites. In galena, the d114/110Cd values are inversely correlated with Cd contents and tend to be higher in high-Zn galena. We speculate that Cd isotopic fractionation was significant during the precipitation of sphalerite and galena, with light Cd isotopes being enriched in galena rather than sphalerite. Comparison of the Cd isotopic signatures and Zn/Cd ratios of different endmembers suggests that the d114/110Cd values and Zn/Cd ratios of sphalerite from the Huize deposit, as well as other largescale deposits from the SYG area, are lie in those range of Emeishan basalts and sedimentary rocks and the mean d114/110Cd values of these deposits show good negative correlation with 1/Cd, suggesting that the ore-forming materials of these deposits were derived from the mixing of Emeishan basalts and sedimentary rocks. This study demonstrates that Cd isotopes can be useful proxies in elucidating ore genesis in large Zn–Pb deposits.