Abstract: The Mongolian Plateau is located in the central segment of the Central Asian Orogenic Belt, where the western Pacific subduction system, the India–Eurasia continental collision zone, and the Siberian Craton converge. Therefore, the Mongolian Plateau represents a key natural laboratory for investigating intracontinental deformation and tectonic evolution, as well as for exploring lithosphere–asthenosphere interactions and their evolutionary models. Based on a comprehensive review of recent geophysical investigations in the Mongolian Plateau, this study summarizes the major results from seismic tomography, magnetotelluric exploration, gravity inversion, and seismic anisotropy studies. In addition, three representative tectonic evolution models, namely far-field compression control, mantle upwelling dominance, and deep–shallow process coupling, are comparatively reviewed and evaluated. Existing studies reveal that the lithospheric structure beneath the Mongolian Plateau is highly heterogeneous, characterized by upper-mantle low-velocity anomalies, significant variations in lithospheric thickness, and high-conductivity structures potentially associated with partial melting or fluid activity. However, substantial uncertainties remain regarding the origin of these heterogeneous anomalies, their relationship with plate tectonics, and the coupling mechanisms between shallow deformation and deep geodynamic processes. Comprehensive analysis suggests that no single geodynamic mechanism can fully explain the complex tectonic evolution of the Mongolian Plateau, whereas a coupled effect of far-field tectonic stresses and mantle dynamic processes may provide a more reasonable interpretation. Future studies should further constrain the deep structure and geodynamic mechanisms of the Mongolian Plateau through dense geophysical arrays, multi-source joint inversion, and geodynamic numerical simulations.