Abstract: Mineral resources are a crucial cornerstone for socio-economic development and national security. The development of the mining capital market facilitates Chinese mining enterprises’ global expansion and helps ensure national energy and mineral resource security. Competent Persons are globally recognized technical experts in the international mining capital market, and the related institutional arrangements have been proven to provide crucial institutional support for the development of that market. However, compared with the developed countries, China’s Competent Person management system is still in its infancy, which has become a critical obstacle hindering the sustainable development of the mining industry. This paper first systematically analyzes the Competent Person management systems in the mining capital markets of developed countries such as Australia, Canada, and the United States, providing important empirical references for the establishment of China’s Competent Person system. Second, the development history and status of related systems in China have been systematically reviewed, including the mineral rights appraiser system, the quality management system for geological exploration work, and the Competent Person system. Then, this paper analyzes the challenges in aligning China’s Competent Person systems with international standards, identifying shortcomings in areas such as relevant systems, regulatory frameworks, legal definitions, international recognition, evaluation orientation, risk awareness, professional ethics, and talent cultivation. Finally, this paper proposes three measures: China should gradually improve its Competent Person management system by strengthening institutional development and regulatory coordination, fostering the mining capital market and its ecosystem, and promoting professional culture and talent development. These will provide key institutional safeguards for the high-quality development of China’s mining capital market.