A promising lead-containing wastes recycling method, with sulfur conservation and reductive sulfur-fixing co-smelting process (RSFCS), is proposed. This work investigated the PbSO 4 reduction equilibrium composition, phase conversions, and microscopic transformation mechanisms during the RSFCS process at different temperatures, times, and CO-CO 2 mixtures using thermodynamic modelling, thermogravimetric analysis, x-ray diffraction, and SEM-EDS analysis techniques. At the same time, the gaseous products were collected and analyzed. The results showed that three reduction paths existed: (1) PbSO 4 CO/CO 2 →