Smithsonite, dolomite, and calcite are carbonate minerals. The crystal structures and spatial distribution characteristics of their common surface metal sites are similar, leading to difficulty in the flotation separation of smithsonite from these carbonate gangues. In this paper, the floatability of smithsonite, dolomite, and calcite in sodium oleate, salicylhydroxamic acid, and their combined-collector system were systematically studied through single-mineral flotation tests, respectively. The results showed that it was difficult to obtain a noticeable recovery difference between smithsonite–calcite and smithsonite–dolomite in a single-collector system of sodium oleate and salicylhydroxamic acid, both at the same time. In the combined-collector system of salicylhydroxamic acid and sodium oleate with total dosage of 6 × 10−4 mol/L, molar ratio of 3:1, and pH of 8.0, the recovery difference of smithsonite–calcite and smithsonite–dolomite could reach the highest values of 38.46% and 37.98%, respectively, while obtaining the highest smithsonite recovery of 88.19%. The adsorption mechanism of the combined collectors was investigated via Fourier transform infrared spectroscopy, X-ray photoelectron spectroscopy, a collector adsorption test, and zeta potential measurements, respectively.