Abstract: This study concentrates on the successful implementation of two geothermal wells, Liuqu River and Houhe, and provides an in-depth analysis of the geothermal geology and hydrochemical characteristics of the region. The study examines the origin, metamorphic characteristics, and water-rock equilibrium state of the geothermal waters, as well as calculating the reservoir temperatures and depths of geothermal fluid circulation. The results demonstrate that the water chemistry in the study area is of the SO₄·HCO₃-Ca·Ma type, indicating that water-rock interactions have not reached equilibrium. Additionally, the waters are of mixed origin. The Liuqu River geothermal water is primarily sourced from atmospheric precipitation and is classified as early-stage metamorphic water. In contrast, the Houhe geothermal water is derived predominantly from the original geothermal fluids within the reservoir and is classified as moderately metamorphic water. Furthermore, the study demonstrates that the geothermal reservoirs in the region possess an open system environment, with the Houhe reservoir exhibiting a comparatively closed system compared to the Liuqu River reservoir. The Houhe reservoir displays a lower degree of cold water mixing, a slower flow rate, a longer residence time, and inferior hydrodynamic conditions. The NE- and near-EW-trending fault structures serve as the primary conduits for heat and water flow within the region. The geothermal waters with significant development potential are primarily stored in the first and second geothermal reservoirs. The temperature range of the first reservoir is 115–115.3° C, with an average circulation depth of 3600 meters, while the second reservoir has a temperature range of 113.8–115.5° C and an average circulation depth of 3100 meters. This study addresses a significant knowledge gap regarding the hydrogeochemical characteristics and genesis of underground thermal waters in the Hezhang region. It offers invaluable insights that will inform the exploration, development, and protection of geothermal resources in both Hezhang and the northwest Guizhou area.