High‐performance adsorbents often require efficient selectivity in wastewater, recoverability, and ease of multiple regeneration cycles, but achieving this remains a significant challenge. We report a new strategy for the efficient removal of lead (Pb(II)) from contaminated water streams using an innovative tannic acid (TA)‐Fe(III)‐based metal‐phenolic network (MPN) hybrid membrane (MPN‐PAM). This novel membrane exploits the tunable pH‐sensitive coordination structure of the MPN to achieve selective removal and recovery of Pb(II) while enabling efficient membrane regeneration by filtration. This membrane demonstrates superior selectivity for Pb(II) with a removal efficiency of up to 98 % and an adsorption capacity of approximately 117.58 mg/g, even in the presence of high salinity, as well as coexisting heavy metals. The membrane maintains high Pb(II) removal efficiency over 20 consecutive cycles and 95 % efficiency over 10 regeneration cycles. Under continuous operation, it treats approximately 85 L per m2 of membrane, reducing Pb(II) concentrations to trace levels (~40 μg/L), meeting electroplating wastewater standard (GB21900‐2008). Additionally, even low concentrations of Pb(II) (<5 mg/L) are efficiently purified to below WHO drinking water standard (10 μg/L). The operational cost for treating Pb(II)‐contaminated wastewater is about $0.13 per ton, highlighting the cost‐effectiveness and potential for large‐scale application in wastewater treatment.