We study in detail the extension of the generalized conformal symmetry prop
osed previously for D-particles to the case of supersymmetric Yang-Mills ma
trix models of Dp-branes for general p. It is demonstrated that such a symm
etry indeed exists both in Yang-Mills theory and in the corresponding super
gravity backgrounds produced by Dp-branes. On the Yang-Mills side, we deriv
e field-dependent special conformal transformations for the collective coor
dinates of Dp-branes in the one-loop approximation, and show that they coin
cide with transformations on the supergravity side. These transformations a
re powerful in restricting the forms of the effective actions of probe D-br
anes in the fixed backgrounds of source D-branes. Furthermore, our formalis
m enables us to extend the concept of (generalized) conformal symmetry to a
rbitrary configurations of D-branes, which can still be used to restrict th
e dynamics of D-branes. For such general configurations, however, a simple
classical space-time interpretation cannot be given at least in the static
gauge adopted in the present formulation of D-branes. [S0556-2821(99)06904-
0].