The Yinchuan Graben (YG) is situated in the transitional area between the Tibetan Plateau, Ordos Block (OB) and Alxa Block (AB). The dynamic mechanism of the YG is controversial because of its unique tectonic environment. This study used a broadband magnetotelluric profile constrained by high-density point spacing to reliably obtain the deep electrical structure across the Helanshan Orogenic Belt and YG and to discuss the dynamic mechanism of the YG. The main research results are as follows. 1) Our profile and previous seismic profiles show a low-resistivity and low-velocity body in the deep YG, which extends upward and cuts through the bottom boundary of the upper crust, and all results indicate that this body may be the result of partial melting due to upwelling mantle material. 2) Our profile also shows a high-resistivity anomaly in the middle–lower crust of the Helanshan orogenic belt, which can be interpreted as intrusive rocks formed by the emplacement of partially melted materials. 3) The Helanshan east piedmont fault dips eastward and intersects with the Yellow River fault at the depth of 20 km, and the typical structure of the intersection may be the seismogenic structure of the Pingluo Ms8.0 earthquake. 4) The evolution of the YG may have been controlled by various dynamic mechanisms, and the initial formation of the YG may have resulted from the upwelling mantle material beneath the northern OB; the evolution of the YG since 10 Ma may also have been affected by lateral mantle flow from the Tibetan Plateau to the gap between the OB and AB.