This study examines the origin, tectonic setting, and Cu–Pb–Zn polymetallic mineralization of the Yangjiayu Complex, situated on the southwestern margin of the Jiaolai Basin. We present detailed geochemical, zircon U–Pb geochronological, and Hf isotopic data for rhyolite porphyry and monzodiorite samples. Zircon U–Pb dating reveals that the emplacement of both intrusions occurred in the Early Cretaceous. While the monzodiorite (122.5 ± 0.7 Ma) is numerically slightly older than the rhyolite porphyry (121.2 ± 0.6 Ma), considering the error ranges, their ages are essentially similar. The rhyolite porphyry displays higher SiO₂ and Na₂O + K₂O contents and a lower Al₂O₃ content relative to the monzodiorite. Geochemically, both intrusions are classified as high-K calc-alkaline and peraluminous, characterized by enrichment in large-ion lithophile elements (LILEs; e.g., Ba, Rb, Pb) and light rare earth elements (LREEs), along with depletion in high-field-strength elements (HFSEs; e.g., Nb, P, Ta) and heavy rare earth elements (HREEs). The rhyolite porphyry further exhibits middle rare earth elements (MREEs; e.g., Eu, Gd, Tb, Dy) depletion. Similar zircon εHf(t) values (monzodiorite: −23.0 to −26.1; rhyolite porphyry: −23.2 to −25.0) suggest a shared source derived from partial melting of the thickened lower crustal rocks. In comparison to the monzodiorite, the rhyolite porphyry shows lower total REE contents, a more pronounced negative Eu anomaly and stronger MREE depletion, higher Rb, Th, and U concentrations, and more significant P depletion, features indicative of more extensive assimilation-fractional crystallization (AFC). These geochemical and geochronological data indicate that the Yangjiayu Complex originated within an extensional tectonic setting associated with the Early Cretaceous subduction of the Paleo-Pacific Plate underneath the Eurasian Plate. Cu–Pb–Zn mineralization, primarily localized within the monzodiorite, is interpreted to be generated by magmatic-hydrothermal fluids. Therefore, ~120 Ma dioritic intrusions within the Jiaolai Basin constitute prospective targets for (Cu)–Pb–Zn polymetallic exploration.