Different types of groundwater manifestations occurring on modern structure of the Baransky volcano were studied. Volcanic and seismic activity influences strongly on hydrology and hydrochemistry of the groundwater of the watershed of Sernaya river. Three types of fluids have been established: volcanic-heated, steam-heated and mature. Existing model of hydrothermal system of Baransky volcano was confirmed using geothermometry and hydrochemical calculations. Thus Baransky volcano is a complex object with atmospheric recharge, deep diorite body as heat source and thick fractured altered andesitic water reservoir, where different types of water springs can emerge.