This study analyzes the leaching behavior of elements from red mud (bauxite residue) at pH values ranging from 2 to 13. The leaching characteristics of metals and contaminated anions in five red mud samples produced by Bayer and combined processes were analyzed using the batch leaching technique following the US Environmental Protection Agency (USEPA) Method 1313. In addition, the geochemical model of MINTEQ 3.1 was used to identify the leaching mechanisms of metals. The results showed that Ca, Mg, and Ba follow the cationic leaching pattern. Al, As, and Cr show an amphoteric leaching pattern. The leaching of Cl− is unaffected by the pH. The maximum leaching concentration of the proprietary elements occurs under extremely acidic conditions (pH = 2), except for As. The leaching concentration of F− reaches 1.4–27.0 mg/L in natural pH conditions (i.e., no acid or base addition). At the same pH level, the leaching concentrations of Pb, As, Cr, and Cu are generally higher from red mud produced by the combined process than that those of red mud from the Bayer process. The leaching concentration of these elements is not strongly related to the total elemental concentration in the red mud. Geochemical modeling analysis indicates that the leaching of metal elements, including Al, Ca, Fe, Cr, Cu, Pb, Mg, Ba, and Mn, in red mud are controlled by solubility. The leaching of these elements depended on the dissolution/precipitation of their (hydr)oxides, carbonate, or sulfate solids.