Abstract: Malipo emerald deposit in Yunnan Province has two types of pegmatite vein and greisen vein. Through investigation in field and by means of the advanced modern testing method, the geological and gemmological characters of Malipo emerald are studied systematically. It is verified that the colour of Malipo emerald is caused by impurity ion of Cr³⁺ and V³⁺, and Malipo emerald belongs to the type which is poor in iron and chrome and rich in vanadium.