Southwestern Guizhou province is one of China’s most important distribution areas of Carlin-type gold deposits. The Nibao deposit is a typical gold deposit in southwestern Guizhou. To elucidate the genesis of the Nibao gold deposit, establish a metallogenic model, and guide prospecting prediction, we systematically collected previously reported geological, geochemical, and dating data and discussed the genesis of the Nibao gold deposit, based on which we proposed the metallogenic model. Earlier works show that the Nibao anticline, F1 fault, and its hanging wall dragged anticline (Erlongqiangbao anticline) were formed before or simultaneously with gold mineralization, while F2, F3, and F4 faults postdate gold mineralization. Regional geophysical data showed extensive low resistivity anomaly areas near the SBT (the product of tectonic slippage and hydrothermal alteration) between the P2/P3 and the strata of the Longtan Formation in the SSE direction of Nibao anticline in the lower plate of F1 and hanging wall dragged anticline (Erlongqiangbao anticline), and the anomaly areas are distributed within the influence range of anticlines. Simultaneously, soil and structural geochemistry show that F1, Nibao anticline, Erlongqiangbao anticline, and their transition areas all show good metallogenic elements (Au, As, and S) assemblage anomalies, with good metallogenic space and prospecting possibilities. There are five main hypotheses about the source of ore-forming fluids and Au in the Nibao gold deposit: (1) related to the Emeishan mantle plume activity; (2) source from the Emeishan basalt; (3) metamorphic fluid mineralization; (4) basin fluid mineralization; (5) related to deep concealed magmatic rocks; of these, the mainstream understanding is the fifth speculation. It is acknowledged that the ore-forming fluids are hydrothermal fluids with medium–low temperature, high pressure, medium–low salinity, low density, low oxygen fugacity, weak acidity, weak reduction, and rich in CO2 and CH4. The fluid pressure is 2–96.54 MPa, corresponding to depths of 0.23–3.64 km. The dating results show that the metallogenic age is ~141 Ma, the extensional tectonic environment related to the westward subduction of the Pacific Plate. Based on the above explanation, the genetic model related to deep concealed magmatic rocks of the Nibao gold deposit is established, and favorable prospecting areas are outlined; this is of great significance for regional mineral exploration and studying the genesis of gold deposits.