Emeralds were discovered in Malipo County in southwestern China more than 30 years ago. Malipo emeralds are still being extracted and are expected to be available over the next decade. This study provides a full set of data through standard gemological properties, inclusion scenes, color characteristics, and advanced spectroscopic and chemical analyses including Raman, XRD, micro UV-Vis-NIR, EPR, and LA-ICP-MS. Multiphase inclusions in Malipo emerald are distinct with various shapes and occasionally a colorless transparent crystal. Abundant vanadium substitutes for aluminum in the octahedral site and serves as the predominant coloring agent, leading to a yellowish green color. Among significant known deposits, Malipo emerald has a unique chemical composition in its combination of high V, low Cr, and moderate Fe, as well as high Li and Cs concentrations.