Concurrent exposure to cadmium (Cd) and lead (Pb) is prevalent in the environment, but information on the long-term impacts of complex Cd–Pb exposure on herbivorous insects, especially at low doses, is scant. We studied the effects of complex Cd–Pb exposure (4.06 mg/kg Cd and 12.5 mg/kg Pb) on the growth and food utilization of the herbivorous insect Spodoptera litura for 10 continuous generations. Cd or Pb ingestion, excretion and accumulation by insect at the different developmental stages was determined for ten generations. The weighted scores calculated by the analytic hierarchy process (AHP) on the basis of the parameters of survival, growth and food utilization indicated that complex Cd–Pb exposure had positive impacts on the insects, regardless of generations. Compared with Cd (4.06 mg/kg Cd) and Pb (12.5 mg/kg Pb) alone, complex Cd–Pb exposure showed antagonistic interactions. After exposure to complex Cd–Pb, although larvae significantly increased heavy metal uptake along with the elevated ECD and ECI, insects enhanced heavy metal excretion via the feces and puparium; consequently, heavy metal accumulation in the insect body significantly decreased. With increasing generations, the positive impacts of complex Cd–Pb stress on insects became increasingly obvious, and the uptake of Cd or Pb decreased while the excretion of Cd or Pb increased, which demonstrated that insect tolerance to Cd–Pb exposure at low concentrations increased over generations.