The Laochang polymetallic deposit is the only large deposit in the Changning–Menglian Junction Zone. The deposit features by deep porphyry-skarn Mo–(Cu) and shallow vein Pb–Zn–(Ag) mineralization. Researches on the deposit have yielded extensive data, however, details about the initial evolution from magma to ore-forming fluid remain unclear. This study centers on the in-situ analysis of biotite from the porphyry, as well as phlogopite and titanite from the A vein, leading to the following insights: (1) The biotite geothermobarometer suggests the porphyry intruded in a moderate depth (2.57–4.27 km), with average parameters as P = 93 MPa, T = 697 °C, and logfO₂ = -16.78. (2) The A vein in the deposit can be further subdivided into A1 K-feldspar vein and A2 quartz vein. The phlogopite in the A1 vein formed at P = 98 MPa, T = 681 °C, and logfO₂ = -17.29. The pressure of the A1 vein is slightly higher than the static pressure of wall rock, attributed to pressure increment from the initial exsolved fluid. Conversely, the temperature and oxygen fugacity experience a slight decrease, due to buffering of the adjacent tuff. (3) The in-situ LA–ICP–MS U–Pb dating of the titanite in the A1 vein yields 44.4 ± 1.5 Ma (MSWD = 1.8, n = 48), comparable to the emplacement age of the porphyry (44.6–44.4 Ma). It is slightly older than the main mineralization age (43.78 Ma), further delineated the initial evolution sequence from magma to ore-forming fluid. Our research suggests that the in-situ analysis of titanite is crucial for preciously tracking the magma–fluid system, as titanite records both time and temperature information.