Phosphorite, as a vital non-metallic mineral resource, is widely utilized in various fields, including agriculture, industry, and environmental protection. The northeastern Yunnan region, located on the southwestern margin of the Yangtze Craton, is a key area for the distribution of phosphorite resources. Consequently, research on its ore-forming processes holds significant academic and economic value. This review highlights the research progress on the metallogenic geological background, material sources, and ore-forming mechanisms of Cambrian Meishucun period phosphorite deposits in northeastern Yunnan. It is generally accepted that the phosphate deposits in northeastern Yunnan primarily formed in shallow marine carbonate platforms and platform sag basins. However, there remains ongoing debate regarding the specific depositional paleogeography and paleoenvironment. Several viewpoints exist concerning the sources of ore-forming materials, which include terrestrial materials, biogenic phosphorus, seawater, and deep-seated hydrothermal fluids. The main ore-forming mechanisms identified are biogenic phosphogenesis, marine hydrothermal deposition, and upwelling currents. Despite extensive studies on the genesis of phosphorite, no consensus has yet been reached. Controversies persist regarding the metallogenic background, material sources, and ore-forming mechanisms, which have hindered the development of regional metallogenic models. Future research should focus on in situ microstructural analysis combined with various geochemical methods to further explore the genesis mechanisms and paleo-oceanic environment of phosphorite in northeastern Yunnan. This will help establish a comprehensive metallogenic model for the region, contributing to phosphorite resource exploration and development, as well as advancing the study of the metallogenic system of the Yangtze Craton.