Tin (Sn) and tungsten (W) mineralization are commonly associated with each other in relation to highly evolved granites, but economical ore grades are restricted to rare global occurrences and mineralization styles are highly variable, indicating different mechanisms for ore formation. The Sn-W Zinnwald deposit in the Erzgebirge (Germany and the Czech Republic) in the roof zone of a Variscan Li-F granite hosts two contrasting styles of mineralization: (1) cassiterite (Sn) in greisen bodies, and (2) cassiterite and wolframite (W) in predominantly subhorizontal quartz-rich veins. The relative timing and causes for ore formation remain elusive. Studies of fluid inclusion assemblages in wolframite, cassiterite, and quartz samples from greisen and veins by conventional and infrared microthermometry and by laser ablation–inductively coupled plasma–mass spectrometry analyses have revealed compelling evidence that all elements required for the formation of the Zinnwald Sn-W deposit were contained in a single parental magmatic-hydrothermal fluid that underwent two main processes: (1) fluid-rock interaction during Sn-greisen formation, and (2) depressurization and vapor loss leading to ore precipitation in quartz-Sn-W veins. The results also show that fluid inclusion assemblages in ore minerals can document fluid processes that are absent in the fluid inclusion record of gangue minerals. The study further highlights the role of phase separation in the formation of W-rich Sn deposits and indicates that W deposits in distal parts of evolved granites may be restricted to fluids derived from deeper-seated plutons.