The Iberian Pyrite Belt (IPB) represents one of the largest districts of volcanogenic massive sulfide (VMS) deposits in the world, and is a critical source of base metals (Cu, Pb, and Zn) for Europe. Confirmed resources exceed 1700 Mt of massive sulfides with grades of around 1.2% Cu, 1% Pb, and 3% Zn as well as more than 300 Mt of stockwork-type copper mineralization. Significant resources of Sn, precious metals (Au and Ag), and critical metals (Co, Bi, Sb, In, and Se) have also been evaluated. The genesis of these deposits is related to a complex geological evolution during the late Devonian and Mississippian periods. The geological record of such evolution is represented by three main lithological units: Phyllite–Quartzite Group, the volcano–sedimentary Complex (VSC), and the so-called Culm Group. The sulfide deposits are located in the VSC, associated with felsic volcanic rocks or sedimentary rocks such as black shales. The massive sulfide deposits occur as tabular bodies and replacement masses associated with both volcanic and sedimentary rocks. Their mineralogical composition is relatively simple, dominated by pyrite, chalcopyrite, sphalerite, and galena. Their origin is related to three evolutionary stages at increasing temperatures, and a subsequent stage associated with the Variscan deformation. The present paper summarizes the latest developments in the IPB and revises research areas requiring further investigation.