Mississippi Valley‐type (MVT) Zn‐Pb deposits predominantly form within both orogenic forelands and fold‐and‐thrust belts, yet the mineralization process within the latter tectonic setting remains inadequately understood. This study, through a comprehensive review of MVT deposits across global fold‐and‐thrust belts, introduces a novel model elucidating the mineralization process in the context of tectonic belt evolution. It is demonstrated that during the stage I, regional compression is introduced by early stages of plate convergence, causing the folding and thrusting and creating structural or lithological traps such as evaporite diapirs and unconformity‐related carbonate dissolution‐collapse structures. Thereafter, in stage II, hydrocarbons begin to migrate and accumulate within these traps, where reduced sulfur is generated through thermochemical or bacterial sulfate reduction concurrent with or preceding Zn‐Pb mineralization. In the subsequent stage III, as plate convergence persists, the regional stress transitions from compression to transpression or extension. Under these conditions, steeply‐dipping extensional faults are generated, facilitating the ascent of metalliferous brines into early‐formed structural or lithological traps. Precipitation of Zn and Pb sulfides occurs through the mixing of Zn‐Pb‐transporting fluids with pre‐existing reduced sulfur or by interaction with hydrocarbons.