Cadmium (Cd) and lead (Pb) carry a high heavy-metal-toxic risk for both animals and plants in soil. In this study, iron-based biochar (T-BC) was prepared by co-pyrolysis using wastes of iron tailings and biomass with urea as the functioning agents. Field-emission scanning electron microscopy (SEM), Fourier transform infrared spectroscopy (FTIR), and toxicity-characteristic leaching procedure (TCLP) methods were employed to analyze the physicochemical characteristics of T-BC. Additionally, a pot trial was conducted to examine the effects of T-BC on the physiological characteristics of pak choi (Brassica campestris L.), the availability of heavy metals, and enzyme activities in the soils. The results show that toxic metals have been volatilized by the roasting process and immobilized within T-BC via the formation of stable metal-compounds during the co-pyrolysis process, which satisfies the requirements of a soil passivator. Incubation experiments showed that the DTPA-extractable Cd and Pb in contaminated soils decreased with an increasing amendment rate. Moreover, in the pot experiments, by adding 1% (w/w) T-BC into soils, the soils benefited from its large adsorption, complex precipitation, and immobilization capacity. Approximately 36% Cd and 29% Pb concentrations of edible parts in pak choi were reduced. The amendment proved promising for the stabilization of Cd and Pb in contaminated soils, while providing a strategy for solving the residual waste of tailings and biomass.