The geochemical characteristics of rare earth elements of magmatic rocks of Yanshanian stage were studied in the south of Anhui Province and northeast of Jiangxi Province, Jiangnan Uplift. The result shows that the magmatic rocks of Yanshanian stage in the south of Anhui Province are the typical crust source type and those in the northeast of Jiangxi Province have the characteristics of mantle source type. So the polymetal deposits having relation to the magmatic rocks of Yanshanian stage in the northeast of Jiangxi Province were developed better than those in the south of Anhui Province. The research results of the rare earth elements are confirmed by the studies of geophysics, tectonic setting and stable isotope at the same time. It also indicates that the rare earth elements are the effective approach to tracing the material sources of magmatic rocks.