The September 2022 Ms 6.8 Luding earthquake broke more than 230 years of seismic calm on the Moxi fault, providing a unique opportunity to understand its seismogenic environment, rupture dynamics, and seismic hazard. Using teleseismic body waves, regional strong‐motion observations, GNSS, and InSAR data, we decipher the spatiotemporal rupture evolution of the mainshock. Combining the elastic dislocation model with surface creep, we find that the coseismic slip correlates closely with a locked patch with a loading rate of 9.7 mm/yr, but the creeping rate is insufficient to make up the shallow slip deficit. Notably, the Luding earthquake ruptured only ∼1/4 of the Moxi seismic gap, and it further increased the stress in the unruptured northern part. We thus argue that the Moxi fault has the potential for magnitude 7+ earthquakes in the near future, although geodetic prediction may overestimate the actual seismic moment released by the coseismic rupture.