Porphyry Mo deposits are the most important type of Mo resource. They result from a high oxygen fugacity of the parent magma, which acts as an effective indicator for evaluating the mineralization. In the ore-forming system of porphyry Mo deposits, sulfur exists mainly as sulfate in highly oxidized magma but as sulfide in ores. What triggers the reduction in the mineralization system that leads to sulfide precipitation has not yet been determined. Most of the previous studies have focused on the origin and evolution of the ore-forming parent magma, and the effects of reductive surrounding rocks on porphyry mineralization have been ignored. In this study, a comprehensive geological–geochemical investigation and review have been performed on the typical porphyry Mo deposits, the Nannihu-Sandaozhuang, Yuchiling, and Shapingou deposits in China, and the Mt. Emmons deposits in America. Black carbonaceous sedimentary layers commonly surround porphyry Mo ores, which are widely altered and discolored during mineralization. CH4 is commonly present in fluid inclusions in the main mineralization stage, and the δ13CV-PDB values of calcite and fluid inclusions from the altered surrounding rocks and ore minerals are generally low and significantly different from those of marine sedimentary carbonate rocks, indicating that the involvement of reductive components from carbonaceous surrounding rocks might be key to the redox state transformation leading to mineral precipitation. On the other hand, the CH4 produced by the thermal decomposition of organic matter or carbonaceous reaction with H2O can diffuse into the ore-forming system along the structural fractures and reduce the SO42− in the ore-forming hydrothermal fluids to form sulfide precipitation without direct contact between the intrusion and the carbonaceous surrounding rocks. Moreover, the CH4 content controls the location of the orebody formation with the high content producing orebodies mainly in the porphyry intrusion, while the low CH4 content results in the orebodies mainly occurring at the contact zone between the porphyry and carbonaceous surrounding rocks. Compared to the magmatic stage of mineralization, the involvement of reductive components in the carbonaceous surrounding rocks during the hydrothermal stage is more favorable for forming giant/large Mo deposits. The highly oxidized porphyry with reductive carbonaceous surrounding rocks or Fe-rich volcanic rocks offers a new indicator for efficiently evaluating porphyry Mo mineralization.