Lead–zinc smelting slag (LZSS) is regarded as a hazardous waste containing heavy metals that poses a significant threat to the environment. LZSS is rich in aluminosilicate, which has the potential to prepare alkali-activated materials and solidify hazardous waste, realizing hazardous waste cotreatment. In this study, the experiment included two parts; i.e., the preparation of alkali-activated LZSS (pure smelting slag) and chromite ore processing residue (COPR) solidification/stabilization. Single-factor and orthogonal experiments were carried out that aimed to explore the effects of various parameters (alkali solid content, water glass modulus, liquid–solid ratio, and initial curing temperature) for alkali-activated LZSS. Additionally, compressive strength and leaching toxicity were the indexes used to evaluate the performance of the solidified bodies containing COPR. As a result, the highest compressive strength of alkali-activated LZSS reached 84.49 MPa, and when 40% COPR was added, the strength decreased to 1.42 MPa. However, the leaching concentrations of Zn and Cr from all the solidified bodies were far below the critical limits (US EPA Method 1311 and China GB5085.3-2007). Heavy-metal ions in LZSS and COPR were immobilized successfully by chemical and physical means, which was detected by analyses including environmental scanning electron microscopy with energy-dispersive spectrometry, Fourier transform infrared spectrometry, and X-ray diffraction.