Abstract The 2025 Mw7.1 Dingri earthquake is the largest normal‐faulting event in southern Tibetan plateau recorded with near‐field observations. By integrating back‐projection imaging, multi‐point‐source inversion, and finite‐fault modeling, we reveal that the rupture propagated at variable speeds in a cascading manner across a complex conjugate fault network, generating significant high‐frequency radiation at the fault junction. Near‐field waveforms directly document the slip along the western boundary of the Dengmecuo graben as coseismic. The spatiotemporal evolution of simultaneous rupture along both boundaries of the graben suggests a possible structural connectivity at depth between two conjugate faults. Mainshock nucleation was likely promoted by sustained stress loading following the 2015 Gorkha earthquake, together with local stress perturbations from recent regional earthquakes and the foreshock sequence. These processes bridge long‐term interseismic deformation and the dramatic seismic rupture of the Dingri earthquake, illustrating a typical slow‐to‐fast failure process.