The mass elevation effect (MEE) of the Tibetan Plateau (TP) has attracted the attention of geographers because of its significant influence on the Asian climate, snow line, timberline, and other important climate-ecological boundaries of the plateau and on global ecological patterns. In recent years, much progress has been made in quantifying the MEE of TP. However, factors that affect the size of MEE have not been examined in depth, and the key factors still remain unclear. Based on quantification of MEE for each mountain basal elevation plot, this study identifies the factors that contribute significantly to MEE of the plateau. Seven factors are considered, including mountain basal elevation, distance from the core zone of MEE, thermal continentality, maximum elevation, height difference, area, and difference of underlying surface (with the yearly max “Normalized Difference Vegetation Index” (NDVI) serving as a quantitative indicator). We also used these seven factors as independent variables to develop a multiple linear regression model for MEE of the plateau. Results show that: (1) the determination coefficient (R2) of the model reaches as high as 0.877, and the contributions of mountain basal elevation, distance from the core zone of MEE, thermal continentality, maximum elevation, topographical height difference, area, and NDVI are 39.77%, 23.02%, 14.48%, 5.78%, 11.41%, 2.92%, and 2.62%, respectively, with mountain basal elevation and the distance from the core of MEE as the most important factors; (2) thermal continentality and MEE are significantly correlated, and maximum elevation only has a coupling relationship with MEE, with height difference and NDVI contributing little to MEE. This study deepens our understanding of MEE and its forming factors in the Tibetan Plateau.