Many Cenozoic metal deposits have been found during the past decade. Among them, the Fuwan Ag deposit in Guangdong is the largest Ag deposit in China. Besides, the largest Cu deposit of China in Yulong, Tibet, the largest Pb-Zn deposit of China in Jinding, Yunnan, and the largest Au deposit of China in Jinguashi,Taiwan, were also formed in the Cenozoic. Why so many important "present" deposits formed during such a short period of geological history is the key problem. The major reason is that different tectonic settings control different kinds of magmatic activity and mineralization at the same time. In southwestern China, porphyry-type Cu deposits such as Yulong were formed during the early stage of the Himalayan orogeny, sediment-hosted Pb-Zn deposits such as Jinding were formed within intermontane basins related to deep faults, and carbonatite-related deposits such as the Maoniuping REE deposit and alkalic magmatic rock-related deposits such as the Beiya Au deposit originated from the mantle source. In southeastern China, the Fuwan Ag deposit was related to continental rifting which was triggered by the mantle plume. In Taiwan, the Jinguashi Au deposit was formed during the subduction process of an oceanic plate beneath a continental plate. Besides, the features such as the diversification, inheritance, large size, deep source of metals and fluids of the Cenozoic (Present or Recent) mineralization can be used as a key to the search for past deposits.