—We overview recent data on the mineralogy of oxidizing-type fumaroles of the Tolbachik Volcano (Kamchatka, Russia), with the main focus on the chemical specifics of the minerals. The active fumarole fields of Tolbachik are the most prominent mineral-forming exhalative system of this type in the world. About 350 mineral species, including 123 minerals first discovered here, are reliably identified in the Tolbachik fumaroles. The species diversity and the specifics of this mineralization are due to the unique combination of the physicochemical conditions and mechanisms of its formation: high temperatures, atmospheric pressure, superhigh oxygen fugacity, gas transport of most of chemical elements, and direct deposition of many high-temperature minerals from volcanic gases with a specific geochemical composition, including strong enrichment in alkaline metals and chalcophile (“ore”) elements. Sublimate silicates and minerals of As, Cu, Zn, Mn, Ti, Sn, Sb, Se, Au, Ag, Cs, Tl, and F are briefly described in terms of mineral geochemistry.