This study is dealing with geology and characteristics of mineralogy, geochemistry and physicochemical conditions of hydrothermal fluid responsible for the formation of skarn Pb-Zn-Cu-Ag deposit at Ruwai, Lamandau Regency, Central Kalimantan. The formation of Ruwai skarn is genetically associated with calcareous rocks consisting of limestone and siltstone (derived from marl?) and controlled by NNE-SSW-trending strike slip faults and localized along N 70° E-trending thrust fault, which also acts as contact zone between sedimentary and volcanic rocks in the area. Ruwai skarn is mineralogically characterized by prograde alteration (garnet and clino-pyroxene) and retrograde alteration (epidote, chlorite, calcite and sericite). Ore mineralization is characterized by sphalerite, galena, chalcopyrite and Ag-sulphides (particularly acanthite and argentite), which formed at early retrograde stage. Geochemically, SiO2 is enriched and CaO is depleted in limestone, consistent with silicic alteration (quartz and calc-silicate) and decarbonatization of the wallrock. The measured reserves of the deposit are 2,297,185 tonnes at average grades of 14.98 % Zn, 6.44 % Pb, 2.49 % Cu and 370.87 g/t Ag. Ruwai skarn orebody originated at moderate temperature of 250-266 °C and low salinity of 0.3-0.5 wt.% NaCl eq. The late retrograde stage formed at low temperature of 190-220 °C and low salinity of ~0.35 wt.% NaCl eq., which was influenced by meteoric water incursion at the late stage of the Ruwai Pb-Zn-Cu-Ag skarn formation. Keywords: Geology, skarn, mineralogy, geochemistry, Ruwai, Central Kalimantan