Abstract: The area surrounding the Qaidam basin, Qinghai Province, is characterized by occurrences of a large number of gold deposits, which is an importance source of gold deposits in China. This area is thus called the “Qinghai Gold Belt”. Based on regional geology, geophysical and geochemical features, this study reveals that the “Qinghai Gold Belt” was formed by two stages of orogenies. During the Caledonian– Hercynian, the collision between the Qaidam and Oulongbuluke blocks resulted in the closure of Proto–Tethys ocean, forming the Tanjianshan gold district and Saibagou gold deposit; during the Indosinian, the collision between the East Kunlun and Bayakara Block resulted in the closure of Proto–Tethys ocean, forming the Wulonggou, Dachang and Gouli gold districts and the Manzhanggang gold deposit. Combined with previously published data, it is deduced that the formation of gold deposits in this area is closely related to crustal–mantle interaction, with mantle materials contributing a lot for the ore–forming fluids and materials. This is further demonstrated by the spatial and temporal correlation between gold deposits and mafic–ultramafic rocks. Therefore, the locations where mafic–ultramafic rocks occur are potential for the orogenic gold exploration.