Abstract: The Daping Gold Deposit in Yunnan Province is one of the most representative large-scale gold deposits in the southern segment of the Ailaoshan Gold Belt. However, many issues are unresolved concerning its genesis. Divergent interpretations regarding the metallogenic age, tectonic setting, ore-forming fluids, and sources of ore-forming materials have become major obstacles to establishing a metallogenic model and guiding prospecting and exploration. By integrating previous studies, comparing similar deposits within the region, and focusing on the geological characteristics of the deposit, this study systematically reviewed and analyzed these key controversies. The results suggest that the Daping Gold Deposit formed during the post-collisional extensional stage of the Himalayan orogeny. The ore-forming fluids were derived from a crust–mantle mixed source, whereas the ore-forming materials were predominantly sourced from the enriched mantle. Gold precipitation was mainly driven by fluid boiling and water–rock interaction between the ore-forming fluids and surrounding rocks. Based on these findings, a new metallogenic model is proposed, indicating that the most favorable ore-forming sites are the superimposed zones of secondary faults between regional-scale faults, Himalayan alkaline lamprophyre dikes, and quartz veins. The proposed model provides an important reference for improving the regional metallogenic theory and guiding future prospecting and exploration.