According to physical property tests of lead-containing slag, the volatilisation behaviour of lead slag will have adverse impacts on test accuracy and further affect the control of chemical reactions, solidification and removal of inclusions during smelting. To analyse the volatilisation characteristics of lead slag, in this paper, four kinds of lead slags from lead direct reduction smelting with different PbO and ZnO content are taken. thermogravimetry, ISP-TOF were used. Additionally, the changes in volatiles and slag composition and phases were analysed with XRD and ICPS, and the volatilisation reaction mechanism was discussed. The results indicated that the volatilisation of lead slag can lead to a big weight loss of about to the slag with higher PbO content. The weight loss increases with the PbO content in slag increases. The volatile corresponding to the weight loss above 900 °C is mainly PbO and less ZnO. The higher the temperature is, the stronger the volatilisation is. With the increase in temperature and keeping time, most of the PbO can be evaporated and leaves little PbO in the residual slag. This will has great effect to physico-chemical property measurement of the slag with higher PbO content, especially to the property measurement that be kept at high temperature for a long time. Because the volatiles is trend to condense with the temperature decrease, mass spectrometer is limited by the condensation of volatiles, i.e., PbO, ZnO and so on, in the connection pipeline. The device should be modified for this use.