Larderello–Travale is one of the few geothermal systems in the world that is characterized by a reservoir pressure much lower than hydrostatic. This is a consequence of its natural evolution from an initial liquid-dominated to the current steam-dominated system. Beneath a nearly impermeable cover, the geothermal reservoir consists of carbonate-anhydrite formations and, at greater depth, by metamorphic rocks. The shallow reservoir has temperatures in the range of 220–250 °C, and pressures of about 20 bar at a depth of 1000 m, while the deep metamorphic reservoir has temperatures of 300–350 °C, and pressures of about 70 bar at a depth of 3000 m. The 3D numerical code “TOUGH2” has been used to conduct a regional modeling study to investigate the production mechanism of superheated steam, the interactions between the geothermal field and the surrounding deep aquifers, and the field sustainability. All the available geoscientific data collected in about one century of exploration and exploitation have been used to provide the necessary input parameters for the model, which covers an area (4900 km2) about 10 times wider than the Larderello–Travale geothermal field (400 km2). The numerical model explains the origin of the steam extracted in about one century of exploitation and shows that, at the current level, the production is sustainable at least for the next 100 years.