In development over 70 years, magnetotelluric (MT) sounding, a high-resolution technique for subsurface electrical resistivity imaging, has been widely applied in resource exploration in the Earth. The key factors of the metallogenic system of metallic mineral deposits can be closely correlated to the electrical anomalies of the lithosphere. In this paper, we review the relationship between the electrical resistivity model of the lithosphere and the metallogenic system. At the beginning, we indicate why the electrical parameters relate to the metallogenic system in all geophysical parameters. The advantage of MT sounding in sketching an electrical resistivity model of the lithosphere is subsequently discussed, and some methods of data processing, analysis and inversion are also introduced. Furthermore, we summarize how to bridge the relationship between the electrical resistivity model of the lithosphere and metallogenic system, and analyze the influence of the rheological variation estimated from conductivity in the lithosphere on mineralization. In the end, we list some typical cases of the application of MT sounding in mineral exploration, and also give some suggestions for future work. This study is aimed at providing guidance in discussing the metallogenic system using an electrical resistivity model.