AbstractAn approximate 236‐year interval in major seismic activity near the southern Xianshuihe fault terminated on 5 September 2022 until a destructive M6.8 Luding earthquake. The strike‐slip mainshock, accompanied by potent normal‐faulting aftershocks, fell short of the previously anticipated M7+ event. Utilizing deep‐learning and source inversion techniques, we analyzed dense near‐field seismograms to examine detailed fault structures and rupture characteristics. Our high‐quality relocated catalog with 7,388 events revealed that the earthquake ruptured an unmapped multiscale fault network. The analysis of the mainshock and 43 ML ≥ 2.8 aftershocks suggests normal‐faulting events relate to the vertical movement of the Gongga Mountain. The sequence length, seismic gaps, and asperities derived from seismicity and waveform modeling imply that the rupture of the M6.8 quake was incomplete, indicating a high risk of a future M6+ event at the northern Moxi segment. These findings hold crucial implications for assessing future seismic hazards in this region.